Noel Josephides (Sunvil Holidays) said analysts and other travel industry pundits have missed the fact that sterling has strengthened against the euro, but weakened against the Egyptian pound and the Turkish lira. 

 

He said: “Compared with market rates exactly a year ago – 25^th May, 2009, compared with 25^th May, 2010 – no-one’s spotted the glaringly obvious. Yes, the pound sterling has strengthened against the euro – but it’s also weakened considerably against the Egyptian pound and the Turkish lira.”

 

Josephides added: “Egypt and Turkey have been touted for many months now as ‘cheap’ holiday destinations – but it’s simply not true anymore. 

 

“As at yesterday [Tuesday], the euro depreciated against sterling by 2.8%and seems to be on a continued downward slide.

 

“At the same time, the Turkish lira appreciated against sterling by a very useful 7.43% and against the Egyptian pound by 7.83%. 

 

“Overnight, holidays in Turkey and Egypt will cost British tourists more locally – following a trend that has been noted by tour operators and keen observers for many months now. 

 

“Local suppliers in Turkey and Egypt seem to have increased their prices on the back of the much-reported media messages to avoid the eurozone.”

 

Josephides added that the new exchange rate information “demonstrates very firmly that it’s time to go back to the eurozone to enjoy much-improved value for money”. 

 

“Greek restaurateurs and bar/café owners, for example, are beginning to cut their prices considerably,” he said, noting that lunch in Kalamata three weeks ago cost £43 for four people.

 

by Phil Davies