Bargain savvy tourists looking for cheap holidays can see their money go much further in hotspots like Turkey, Costa Rica, Croatia and Peru despite the prospect of a looming recession.
While inflation nearing 9% means everything is getting more expensive in the UK, the pound is doing really well compared to some other currencies.
In 45 popular destinations the UK's currency is now doing better compared to local cash than before the pandemic, with the Sterling soaring in value against currencies in the likes of Sri Lanka, Argentina and Egypt.
It's worth noting that the costs of key items in different countries may have risen significantly, eating into Sterling's gains.
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The troubled Turkish lira has fallen in value so much that the British pound is now worth twice as much in Turkey as it did before coronavirus swept the globe, according to data compiled by No 1 Currency.
President Recep Erdogan’s unconventional monetary policy has led the lira to plummet - making a holiday in Turkey even more of a bargain than it was before, not that that is likely to be much solace to the Turkish people.
Meanwhile, for those willing to travel further, the pristine, palm-fringed beaches of Sri Lanka are twice as cheap as they were at the beginning of the pandemic.
The island, which enjoys warm weather all year round thanks to its proximity to the Equator, bristles with World Heritage sites and is on many adventurous travellers’ bucket lists.
In fact the Sri Lankan rupee has depreciated 18% against the pound in the past two months alone, meaning British tourists can indulge in luxury hotels and high-end food for a fraction of what they'd cost in the UK.
Before you book a flight to the South Asian country, it's worth noting that not all is well in Sri Lanka, which has been hit by global shortages and the pandemic.
The price of basic goods out of reach for many and extreme shortages of food, medicine and fuel mean people have to spend hours queuing in the extreme heat. The shortages have led to protests across the nation - prompting the Foreign Office to advise Brits against all travel there currently.
The third placed country on the list is Argentina, home of the tango, cowboys and reputedly the best steak in the world.
The grand boulevards of Buenos Aires and the untouched wilderness of Patagonia, coupled with a weak currency, have long made the South American country a place to enjoy luxury for less.
The Argentinian peso has depreciated 50% against the pound since the pandemic began, but has been falling for years.
A decade ago British visitors would get less than seven pesos to the pound; now they can get more than 140 — a twenty-fold increase.
But it’s not just faraway destinations where Britons can afford to splash out this year. The pound has made considerable gains too in more traditional hotspots like the Eurozone (9%) and the United States (7%).
This year a family buying €2000 for a fortnight’s holiday in Spain or France will spend around £150 less than they would have done before the pandemic.
And £1000 exchanged into dollars will buy you about $90 more than last year.
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Table shows: ranking, currency, the value of one pound pre-Covid, one pound today and Sterling's gain
1 |
Turkish lira |
7.63 |
19.95 |
161% |
2 |
Sri Lankan rupee |
217.47 |
449.52 |
107% |
3 |
Argentine peso |
74.29 |
147.76 |
99% |
4 |
Costa Rica colon |
656.6 |
835.68 |
27% |
5 |
Egyptian pound |
18.33 |
22.82 |
24% |
6 |
Japanese yen |
129.28 |
160.06 |
24% |
7 |
Jamaican dollar |
157.54 |
193.16 |
23% |
8 |
Hungarian forint |
381.88 |
453.92 |
19% |
9 |
Kenyan shilling |
123.38 |
145.39 |
18% |
10 |
Mauritian rupee |
46.07 |
53.85 |
17% |
11 |
Peruvian sol |
4.11 |
4.66 |
13% |
12 |
Thai baht |
38.08 |
42.82 |
12% |
13 |
Polish zloty |
4.94 |
5.47 |
11% |
14 |
Romanian leu |
5.28 |
5.83 |
10% |
15 |
Indian rupee |
87.87 |
96.85 |
10% |
16 |
Dominican peso |
62.7 |
69.02 |
10% |
17 |
Moroccan dirham |
11.43 |
12.5 |
9% |
18 |
Philippine peso |
59.66 |
65.22 |
9% |
19 |
Bulgarian lev |
2.12 |
2.3 |
8% |
20 |
Euro |
1.08 |
1.18 |
9% |
21 |
Hong Kong dollar |
9.03 |
9.8 |
9% |
22 |
South Korean won |
1461.69 |
1,582.83 |
8% |
23 |
Danish krone |
8.13 |
8.78 |
8% |
24 |
Croatian kuna |
8.26 |
8.88 |
8% |
25 |
US dollar |
1.16 |
1.24 |
7% |
