Brits seek out global currency value
Monday, 16 March 2009 12:00 AM
Euro still top tourist currency
The big chill in February, along with tightened purse-strings, looks to have spurred UK travellers to escape the UK for destinations offering both value and warmth according to the latest currency trends from International Currency Exchange (ICE).
For example, the ICE monthly currency report features a new entry from the East Caribbean Dollar and puts the Brazilian Real in 7th position - with orders up 85 per cent on average.
For the first time, the Thai Baht also broke into the top three currencies bought by UK travellers.
While sun seeking was a priority for many, the Czech Koruna and Swiss Franc remained in the top ten for those in search of snow.
"It was a big surprise to see orders for Thai Baht rise 102 per cent on average pushing it ahead of Australian Dollar orders and into the top three currencies in February 2009," said Andrew Hamilton, head of marketing for ICE.
"Even further abroad, Brazil looks set to be this season's Mexico, as Brits recognise the great exchange rate on the Brazilian Real."
Unfavourable exchange rates fail to shake the popularity of the euro and the US dollar with orders of both currencies up 35 per cent on January 2009.
Despite British expats leaving Dubai in their droves, UAE Dirham orders increased by 60 per cent in February. In contrast, orders for the South African Rand are down 76 per cent as the summer comes to an end.
Hamilton concludes: "As the Pound continues to struggle, it's clear that UK travellers are changing their holiday hot spots.
"In December 2008, the Barbados Dollar was at number 15, but now it is hanging on at number 20. Meanwhile, the East Caribbean Dollar has jumped in at 16, illustrating how UK holidaymakers are heading to destinations that favour the pound."
Top 20 Global Currencies
- Euro
- US Dollar
- Thai Baht
- Australian Dollar
- Czech Koruna
- Swiss Francs
- Brazilian Real
- New Zealand Dollar
- Polish Zloty
- Canadian Dollar
- Mexican Peso
- UAE Dirham
- South African Rand
- Bulgarian Lev
- Hungarian Florint
- East Caribbean Dollar
- Singapore Dollar
- Chinese Yuan
- Egyptian Pound
- Barbados Dollar
Chris O'Toole
