The annual purchases of both currencies kept pace with those in the 12 months preceding the outbreak of Covid-19.Ĭaribbean and Latin American currencies are showing the greatest growth in sales compared to pre-Covid – the East Caribbean dollar saw the highest rise of 137 per cent.Įd Dutton, portfolio director, financial services at Post Office, said: “The fairest measure of demand is to compare currency sales now with the busy period before the Covid-19 pandemic. ![]() The Post Office’s top two currencies (the euro and the US dollar), made year-on-year sales gains of 66 per cent and 38 per cent respectively in January. Post Office Exchange Rate Monitor: sterling’s year-on-year gains and losses against some of the best selling Post Office currencies However, sterling is up 25.1 per cent against the yen when compared with March 2020 (meaning £500 will buy the equivalent of £100.45 more than in March 2020). Once-in-a-lifetime breaks to Japan now come with the bonus of the pound being stronger against the yen – up 2.8 per cent, with £500 buying the equivalent of an extra £13.74 compared with 12 months ago. Sterling is up against the South African rand year-on-year (Photo: Getty)īoth represent a better exchange rate for long-haul holidays than the Costa Rican cólon, against which the pound has fallen by 22 per cent year-on-year. The total cost of eight items in Cape Town was £53.23, while Mombasa in Kenya was in seventh place with the items adding up to £61.30. While travellers need to factor in long-haul flight costs, they will find that the pound also goes further in South Africa (up 6.3 per cent against the South African rand, year-on-year) and the Kenyan shilling (an increase of 0.2 per cent year-on-year).Ĭape Town was the fourth “best-value holiday destination” in the last Post Office Travel Money Holiday Money Report, which compared prices for meals, drinks and other typical holiday purchases in places around the world. Other year-on-year changes of note include the drop in the value of sterling against Caribbean currencies, including the Jamaican dollar (-13 per cent), the East Caribbean dollar (-11.1 per cent) and the Barbados dollar (-11.1 per cent).īoth the East Caribbean and Barbados dollar are pegged to the US currency, and as such, the pound has fallen by –11.1 per cent against the dollar – meaning holiday money won’t go so far on break in the US. Year-on-year, sterling is up three per cent against the Icelandic krona and two per cent against the Norwegian krone. ![]() Those who wrote off city breaks to Reykjavik or Oslo as too expensive, however, will now find that the pound stretches a little further in both destinations. Those planning a late season winter sun break on a budget may wish to avoid a trip to Mexico: Sterling fell 19 per cent against the Mexican peso year-on-year, with £500 now buying the equivalent of £117.34 less.
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