Sterling’s freefall is global but there are still markets where the Pound buys you more than last year

Thursday 22 September 2022 10:26 am

The pound has tanked again against the dollar and is now down 18 per cent year-on-year.

As the Bank of England prepares to hike interest rates later today, Sterling has endured a rough ride on the currency markets over the last 12 months.

As a result, this is making holidays more expensive in 48 out of the 56 most visited global destinations.

The cost of trips to tourist meccas like Disneyworld and Ayers Rock have jumped after the pound lost 18 per cent of its value against the US greenback and nearly 10 per cent against the Aussie dollar.

This year £1,000 exchanged into US dollars will buy you $243 less than last year.

Meanwhile, short-haul trips to European favorites France, Spain and Portugal are getting more expensive, with sterling losing 3 per cent against the euro amid soaring levels of UK Government debt and fears about a faltering economy.

But as a map produced by travel money firm No 1 Currency shows, it’s not all bad news for those planning a half-term or Christmas getaway.

reen countries are where the pound has made gains. Red is where it’s sinking:

In the last year, the pound has made gains in eight destinations worldwide: Turkey (76 per cent), Sri Lanka (52 per cent), Argentina (22 per cent), Hungary (10 per cent), Japan (9 per cent) , Sweden (4 per cent), Egypt (3 per cent), and South Africa (0.2 per cent).

Sep 2021 Today Difference today vs a year ago
1 turkish lira TRY 11.85 20.89 76.3%
two Sri Lankan Rupees LKR 272.60 414.56 52.1%
3 Argentina Peso ARS 134.42 164.30 22.2%
4 Hungarian Forint HUF 412.48 455.68 10.5%
5 japanese yen JPY 149.53 163.86 9.6%
6 swedish krona SEK 11.85 12.41 4.8%
7 Egyptian Pounds EGP 21.49 22.15 3.1%
8 South African Rand CZAR 20.18 20.23 0.2%
9 Polish Zloty PLN 5.41 5.40 -0.1%
10 Costa Rica Colon CRC 720.50 719.55 -0.1%
eleven new zealand dollar NZD 1.95 1.93 -0.7%
12 Moroccan Dirham MAD 12.28 12.15 -1.1%
13 norwegian crown NOK 11.91 11.77 -1.1%
14 Croation Kuna HRK 8.74 8.59 -1.7%
fifteen danish krone DKK 8.66 8.50 -1.9%
16 euros EUR 1.17 1.14 -1.9%
17 Bulgarian Lev BGN 2.28 2.23 -1.9%
18 South Korean Won KRW 1622.50 1590.02 -2.0%
19 Romanian leu RON 5.77 5.64 -2.1%
twenty Chilean Peso CLP 1078.04 1055.04 -2.1%
twenty-one Colombian Peso COP 5249.69 5031.00 -4.2%
22 Philippine Weight PHP 68.61 65.74 -4.2%
23 Czech Koruna CZK 29.67 28.14 -5.2%
24 Taiwanese Dollar TWD 37.98 35.78 -5.8%
25 Thai Bhat THB 45.57 42.27 -7.2%
26 Kenyan Shillings KES 150.73 137.47 -8.8%
27 Icelandic Krona ISK 176.98 161.03 -9.0%
28 Malaysian Ringgit MYR 5.73 5.20 -9.3%
29 Chinese Renminbi CNY 8.83 8.00 -9.4%
30 australian dollar AUD 1.88 1.70 -9.4%
31 Indian Rupee INR 100.64 90.94 -9.6%
32 Israeli Shekel ILS 4.39 3.94 -10.2%
33 fijian dollar FJD 2.86 2.57 -10.3%
3. 4 Indonesian rupiah IDR 19469.00 17123.30 -12.0%
35 singapore dollars SGD 1.85 1.61 -12.9%
36 Canadian Dollar CAD 1.75 1.52 -13.0%
37 Swiss Francs CHF 1.27 1.10 -13.1%
38 Viatnamese Dong VND 31195.10 27024.40 -13.4%
39 Mauritanian Rupee MUR 58.14 50.03 -14.0%
40 Kuwaiti Dinar KWD 0.41 0.35 -14.4%
41 Jamaican Dollar JMD 203.07 172.81 -14.9%
42 hong kong dollars HKD 10.64 8.95 -15.8%
43 Omani Riyal OMR 0.53 0.44 -16.4%
44 USD USD 1.37 1.12 -18.0%
Four. Five Jordanian Dinar JOD 0.97 0.81 -16.5%
46 United Arab Emirates Dirham AED 5.02 4.19 -16.5%
47 saudi riyal HE 5.12 4.28 -16.5%
48 Bahraini Dinar bhd 0.51 0.43 -16.5%
49 Qatari Riyal QAR 4.97 4.15 -16.5%
fifty Barbados Dollar DB 2.73 2.28 -16.6%
51 Eastern Caribbean Dollar XCD 3.69 3.08 -16.6%
52 Trinidad & Tabogo Dollar DTT 9.27 7.73 -16.7%
53 Mexican Peso MXN 27.49 22.81 -17.0%
54 peruvian sun PEN 5.63 4.42 -21.5%
55 Dominican Peso PDO 77.47 60.82 -21.5%
56 russian ruble RUB 100.23 69.54 -30.6%
Source: travel money firm No 1 Currency

turkish lira

The pound’s relative strength is greatest in Turkey, where runaway inflation hit 80% in August (eight times higher than Britain) and the Turkish Lira has shed three quarters of its value against the pound since this time last year.

Despite its current economic woes, Turkey remains a firm favorite among British sunseekers thanks to its spectacular coastline, great food and warm Mediterranean climate.

For those willing to venture further, the balmy beaches of Sri Lanka are less than half the price (down 52 per cent) they were this time last year.

The island has long enjoyed a reputation as a surfer’s paradise, and also boasts a number of World Heritage sites as well as fabulous cuisine.

In the third spot is Argentina. The Argentine peso has depreciated 22 per cent against the pound over the last year, with some economists warning it could fall further.

Discussing the findings with City AM This morning, Simon Phillips, Managing Director at No1 Currency commented: “British holidaymakers are having to budget carefully this year amid the double-whammy of a cost of living crisis at home and a sinking pound abroad.”

He added: “Thankfully, there are still some countries where your money goes much further this year than last – all of which offer travelers the chance to enjoy new experiences and make memories that will last a lifetime.”

“Turkey, Hungary and Argentina all offer strong value for those aiming for a half-term getaway,” he concluded.

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