Sterling has soared against the weak Egyptian pound in the last 12 months, giving a massive boost to getaway budgets in the ongoing cost of living crisis.
Researchers found that UK visitors to Red Sea beach resorts such as Sharm el-Sheikh will get a massive 73% bonus in local currency when they change their cash – the equivalent of more than £210 extra on a £500 transaction compared with March 2022.
The exchange rate has rocketed from 18.31 to the pound last year to around 31.60 today.
It means that Brits visiting Sharm el-Sheikh on self-catering, bed and breakfast or accommodation-only getaways will now pay around £48 for a three-course restaurant meal for two with a bottle of wine, while a beer costs £3.
Aside from the sharp fall in value for the North African nation’s pound, the study for Post Office Travel Money also revealed that the Turkish lira has continued to tumble drastically and is worth a quarter less year-on-year against sterling.
Three years ago it was at 7.09 to the pound but now, with the rate rocketing to 19.87, it’s collapsed by a whopping 180% against sterling since 2020.
UK visitors to favourite Turkish Riviera resorts such as Marmaris - 600 miles from the region tragically hit by the earthquake - can expect to be quids in with £320 more lira on a £500 transaction compared with just before the onset of the pandemic.
The same meal for two in Marmaris is currently around £40.50, with a beer costing £2.85.
Almost 480,000 Brits went to Egypt annually before the pandemic - the latest figures available - while 3.8 million visits were made to Turkey in 2022.
The study also showed which currencies are increasing in popularity.
Leading the way is the East Caribbean dollar - used in the likes of Antigua, Dominica, Grenada and Saint Lucia - where sales have jumped 137% since before Covid in January 2020.
Mexico peso exchange has risen by 51% with Brazil’s real three percentage points behind. The Jamaican dollar and Costa Rican colon are up 46% and 37% respectively.
The Post Office’s Ed Dutton said: “Sales of Caribbean and Latin-American currencies were particularly strong then, so it is encouraging that they are even more buoyant now.
‘’However, 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.”
Trips heading Down Under for 2023 look hugely popular too, with Australian and New Zealand dollars swiftly returning to the Post Office’s Top 10 overall bestselling currencies list after the countries opened for travel after the pandemic.
The Post Office’s two best selling currencies remain the Euro and US dollar .
COMMENT
While many UK travellers opt for all-inclusive holidays in both Egypt and Turkey, the strength of sterling in those ever-popular sunshine destinations is a huge bonus to people on B&B or self-catering packages or heading away from the beach resorts to to the historic sights in Cairo, Luxor and Istanbul
Despite the cost of living crisis, all the signs are that Britons will still be heading abroad in their millions in 2023, so anything that makes the pounds go further is very welcome.
NIGEL THOMPSON
