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% |
