Holidaymakers benefit from stronger sterling

UK holidaymakers are benefiting from an increase in the value of sterling against the vast majority of foreign currencies in popular destinations, according to new research.

Post Office Travel Money said the pound has strengthened compared with a year ago against 21 out of 25 currencies analysed.

While the value of the pound against the euro and US dollar has risen by 3.8% and 5.5% respectively, travellers will benefit from much larger boosts when exchanging pounds for visits to Turkey (up 72.9%), Kenya (up 20.9%), Japan (up 15.7%) and the Czech Republic (up 12.7%).

Turkey has suffered an economic crisis causing a collapse in the value of the lira.

Other countries which sterling has gained in value against their currencies include Thailand (up 9.9%), South Africa (up 9.2%) and Norway (up 5.8%).

The only four currencies analysed which sterling has weakened against are the Polish zloty (down 4.3%), Costa Rican colon (down 2.7%), Swiss franc (down 1.4%) and Mexican peso (down 0.8%).

Laura Plunkett, head of travel money at Post Office, said: “Sterling’s current buoyancy against most leading holiday currencies – including the euro and US dollar – provides a great incentive for Britons considering trips abroad in the coming months.

“Most currencies have weakened against the pound in the past year, and many of these are for destinations that traditionally offer the cheapest prices for meals, drinks and other tourist staples.

“Good examples of this range from Turkey and the Czech Republic in Europe to Kenya, Thailand and Vietnam further afield.”

Post Office Travel Money said analysis of currency sales shows those for Caribbean destinations have risen the most over the past year, with purchases of East Caribbean dollars more than doubling and Barbados dollars up 64%.

Published: 02/03/2024 by Radio NewsHub