Tourists could flock to Red Sea resorts as Post Office analysis finds cost benefits for Brits
Holidaymakers visiting Red Sea resorts this year are set to get more value for their money as the Egyptian pound declines.
By Hunter Powers, news reporter
Saturday 25 February 2023 00:02, UK
A general view of buildings at the Red Sea resort of Sharm el-Sheikh, Egypt, June 4, 2022. REUTERS/Mohamed Abd El Ghany
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Sharm el-Sheikh
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Tourists visiting Egypt’s Red Sea resorts from the UK could get more value for their money this year, according to new analysis.
Post Office Travel Money says UK holidaymakers will be able to get more for their sterling, after a sharp fall in the value of the Egyptian pound.
Travellers could pocket an extra £210 on a £500 currency exchange.
When the exchange rate is favourable, the cost of accommodation and other expenses paid in local currency will be lower in sterling terms, making visits cheaper overall for travellers, the Post Office says.
Popular resorts such as Sharm el-Sheikh have felt the effects of inflation and political instability, the research added.
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Meanwhile, sterling is proving less valuable than it was against the Mexican peso and Jamaican dollar since the COVID-19 pandemic.
The Post Office’s portfolio director, financial services, Ed Dutton, warned holidaymakers to “factor the fall in value” into their holiday budget.
“Caribbean and Latin American currencies were already particularly strong in the months leading up to the pandemic and it’s encouraging that they are more buoyant now,” he said.
“A destination like Sharm el-Sheikh may prove cheaper.”
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Egypt
Travel
