A DRAMATIC fall in the value of the Egyptian pound could make Sharm el-Sheikh and other Red Sea resorts a bargain choice for Brits looking to holiday abroad, according to Post Office Travel Money analysis.
Tourists will get almost 73 per cent more than a year ago for their pound – the equivalent of more than £210 extra when you exchange £500.
It means a meal for two with a bottle of wine will cost around £48 in Sharm el-Sheikh compared to more than twice that amount in Antigua (£100) or Barbados (£105).
But the new Holiday Money Index found that hasn’t put us off trips to the Caribbean – currencies that showed the most growth in popularity compared to pre-Covid are those for Caribbean and Latin American countries.
Sales of the Eastern Caribbean Dollar have shot up more than 137 per cent in the last 12 months.
But things are still tough for UK holidaymakers.
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Sterling has fallen against most currencies – losing 13 per cent on the Jamaican dollar and 19 per cent on the Mexican peso.
One currency where our pound is still strong is the Turkish lira – it is worth 25 per cent less year-on-year against sterling.
And we’ll also get more for our money in Africa compared to last year – ten per cent more in South Africa and five per cent more in Kenya.
The latest Holiday Money Index also reveals where we’re heading in greater numbers.
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MOST POPULAR CURRENCIES IN 2022
1. Euro
2. US dollar
3. Australian dollar
4. Turkish lira
5. Canadian dollar
6. UAE dirham
7. Thai baht
8. New Zealand dollar
9. South African rand
10. Swiss franc
While the Euro currently remains the most popular currency exchanged, followed by the US dollar, the Australian dollar is the third most chosen and the New Zealand dollar has returned to the top ten, proof we’re keen to get back Down Under after the pandemic closed borders.
The Turkish lira has risen from seventh to fourth place in the bestsellers table. Sales grew 16 per cent in the last 12 months compared with the year before Covid-19 and rose 61 per cent year-on-year in January.
At the same time, the lira continued to fall against sterling last year and is now more than 180 per cent weaker than in March 2020.
This means visitors will receive the equivalent of over £321 more in liras on a £500 transaction than in 2020.
The Post Office’s Ed Dutton said: “The fairest measure of demand is to compare currency sales now with the busy period before the Covid-19 pandemic.
“Sales of Caribbean and Latin-American currencies were particularly strong then, so it is encouraging that they are even more buoyant now.
“But sterling has fallen in value against many of these currencies so holidaymakers should factor this into their holiday budgeting.
“A destination like Sharm el-Sheikh may prove cheaper because of the Egyptian pound’s steep fall in value against sterling.”
FASTEST GROWING CURRENCIES
(annual gain since pre-Covid)
1. East Caribbean dollar – 137%
2. Mexican peso – 52%
3. Brazilian real – 49%
4. Jamaican dollar – 46%
5. Costa Rican colon – 37%
6. Dominican peso – 36%
7. Barbadian dollar – 30%
8. Mauritian rupee – 30%
9. UAE dirham – 25%
10. Turkish lira – 16%
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