Sterling soars against European currencies - Travellers set to benefit by up to 21 percent
Tuesday 17, July 2012
Britons heading to Europe this summer, hoping to cash in on the Eurozone crisis, may do better to look at some of the countries outside of the Eurozone, according to research carried out by Moneycorp.
The foreign exchange specialist examined the top 20 currencies to strengthen against the Pound over the past 12 months, and found that destinations outside of the Eurozone have seen exceptional growth.
While the Pound has risen strongly against a faltering Euro over the past year, gaining an impressive 9.7%, across the rest of Europe, sterling has performed even better, gaining as much as 21.4% since last summer. This equates to an additional £107 for every £500 spent on holiday.(1)
Top of the pile is the Hungarian forint (21.4%), closely followed by the Polish zloty (18.9%), Romanian New leu (16.9%), Czech Republic koruna (15.8%) and Croatian kuna (11.8%).
Olann Kerrison, currency expert at Moneycorp, commented: "The strength of the pound will be welcome news for many holidaymakers looking for a bargain summer trip, especially for those willing to travel inside of Europe but outside of the Eurozone.
“Cities in Eastern Europe such as Budapest, Prague and Dubrovnik, not only offer a great return on currency, but also offer a much lower cost of living, meaning that in relative terms your holiday money can go even further.”
Outside of Europe, other popular tourist destinations are also offering substantially better value thanks to the soaring pound. The Brazilian real and the South African rand for instance have seen an increase of 23% and 18.4% respectively, compared to 12 months ago.
However anyone booking a Kenyan safari should expect to lose out compared to last year, as the currency value of the Kenyan shilling has plummeted 9.1% since last summer.
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