Sterling Stays Strong Despite Brexit

Sterling is stronger against many currencies than last year according to the annual Post Office Travel Money survey has concluded

Research by the foreign exchange provider, Post Office Travel money, found that 85% of the Post Office’s top forty selling currencies were weaker against sterling at the start of this year than at the beginning of 2019.

The research showed that only six currencies topped sterling – the Russian ruble, Egyptian pound, Thai baht, Costa Rican colon, Canadian dollar and Indonesian rupiah.

To add to the tourist’s run of good luck, the cost of eight tourist ‘musts have’s’, including a three-course meal, a beer and sun cream, has fallen in 33 of 42 worldwide destinations and by up to 10%.

Bulgaria made the chart topper for thrifty destinations with Turkey’s Marmaris coming in second place in the Post Office Travel’s Holiday Costs Barometer, with sterling worth 20.5% more against the Turkish lira than in January 2019.

Third place Tokyo has overtaken Cape Town as the best value long-haul hot spot while Cape Town slips back to sixth place.

In contrast, the most expensive European destination was Sorrento. The survey found big price increases in Mombasa, Phuket and St Lucia.

Post Office Travel Money head of travel Nick Boden said: “With the price falls, holidaymakers should have plenty of choice this year.

“In Europe the best deals are likely to be in Bulgaria, Turkey and Portugal, while further afield Japan, Vietnam and Bali are looking like good bets for the bargain-hunter.”

The Post Office’s 20 top-selling currencies are an indication of travel patterns. The biggest growth in demand was for the Jordanian dinar, up 60%. There was only one new entrant to the top 20, where the Chinese yuan has replaced the Icelandic krona.