Sterling slide leads to higher holiday costs

Saturday, 24 May, 2013 0

Britons heading overseas this Bank Holiday and during the summer will face higher holiday costs, as research carried out by foreign exchange specialist Moneycorp shows the pound has lost value against almost 80% of the top global currencies in the past 12 months.

Moneycorp says sterling has weakened against 38 of 50 currencies so holidaymakers heading to popular destinations including those within the eurozone, the US and Australia will find their travel money won’t stretch as far this year.

The pound is down 6% against the euro and 4%against the dollar compared with 12 months ago.

Against the Australian dollar it has fallen 4.7% and it is down a whopping 28% compared with four years ago.

Destinations where the pound has performed better include Japan, where it is up 15% against the yen, Argentina (up 11%) and Brazil (up 3%).

The following table shows the top ten currencies where holidaymakers pounds will stretch further this summer compared to 12 months ago:

Country

Currency (A)

% Increase in Pound vs Currency (A) compared to 12 months ago

Japan

Yen

14.8%

Argentina

Argentinean Peso

11.7%

South Africa

Rand

11.5%

Jamaica

Jamaican Dollar

8.9%

Egypt

Egyptian Pound

8.6%

Gambia

Dalasi

8.1%

Brazil

Real

3.3%

Mauritius

Mauritius Rupee

2.3%

Russia

Ruble

1.7%

Indonesia

Rupiah

1.4%

 



 

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Linsey McNeill

Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk



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