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Currencies send tourists long-haul - 2 April 2008

The latest figures released by the Post Office have suggested that British tourist will head further afield for their holidays in response to the weakening of Sterling against the Euro. The most recent ‘What the Pound Buys Abroad’ survey has shown that more currency has been ordered in the currencies of six long-haul destinations out of the 20 surveyed.

South Africa, Hong Kong, Jamaica, Barbados, St. Lucia and the US have shown strong gains for the Pound in the past year in terms of exchange rates, seemingly in response to the continuing strength of the Euro against the Pound. Over the same time, the UAE Dirham has remained at a constant level.

The report also shows that in the run up to Easter, sales of the US Dollar showed an increase of 23 per cent in a month and 48 per cent in the week before Easter. The UAE Dirham also sold 46 per cent more in March 2008 compared to the previous month, and 27 per cent more Hong Kong Dollars.

It appears that UK travelers are keen to make sure they get the most for their money in the run up to the summer getaway this year, and are more conscious than ever of the effect of currency fluctuations.

“Looking forward, we believe that holidaymakers will look very carefully this year at how to get the best value for their money,” said Helen Warburton, Post Office head of travel. With the Open Skies agreement due to come into force in April, they should keep a close eye on transatlantic flight costs, where the market will become more competitive.”

The Czech Republic is set to suffer from fewer tourists in the coming months if the public stand by the idea of going where they get the best value for money. The Czech koruna is now worth more than 30 per cent more than it was a year ago against Sterling, and currency sales have dropped some 11 per cent in a year.

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