Sterling’s freefall is global but there are still markets where the Pound buys you more than last year
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 favourites 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).
| Sept 2021 | Today | Difference today vs a year ago | |||
| 1 | Turkish Lira | TRY | 11.85 | 20.89 | 76.3% |
| 2 | 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 | ZAR | 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% |
| 11 | New Zealand Dollar | NZD | 1.95 | 1.93 | -0.7% |
| 12 | Morrocan Dirham | MAD | 12.28 | 12.15 | -1.1% |
| 13 | Norwegian Krone | NOK | 11.91 | 11.77 | -1.1% |
| 14 | Croation Kuna | HRK | 8.74 | 8.59 | -1.7% |
| 15 | 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% |
| 20 | Chilean Peso | CLP | 1078.04 | 1055.04 | -2.1% |
| 21 | Colombian Peso | COP | 5249.69 | 5031.00 | -4.2% |
| 22 | Phillipine Peso | 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 | Fiji Dollar | FJD | 2.86 | 2.57 | -10.3% |
| 34 | Indonesia 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 | Mauritian 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 Dollar | HKD | 10.64 | 8.95 | -15.8% |
| 43 | Omani Riyal | OMR | 0.53 | 0.44 | -16.4% |
| 44 | US Dollar | USD | 1.37 | 1.12 | -18.0% |
| 45 | Jordanian Dinar | JOD | 0.97 | 0.81 | -16.5% |
| 46 | United Arab Emirates Dirham | AED | 5.02 | 4.19 | -16.5% |
| 47 | Saudi Riyal | SAR | 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% |
| 50 | Barbados Dollar | BBD | 2.73 | 2.28 | -16.6% |
| 51 | Eastern Caribbean Dollar | XCD | 3.69 | 3.08 | -16.6% |
| 52 | Trinidad & Tabogo Dollar | TTD | 9.27 | 7.73 | -16.7% |
| 53 | Mexican Peso | MXN | 27.49 | 22.81 | -17.0% |
| 54 | Peruvian Sol | PEN | 5.63 | 4.42 | -21.5% |
| 55 | Dominican Peso | DOP | 77.47 | 60.82 | -21.5% |
| 56 | Russian Ruble | RUB | 100.23 | 69.54 | -30.6% |
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 favourite 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 Argentinian 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 Morning Wire 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 travellers 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.