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American Express has seen huge increases in demand for the Turkish Lire and Egyptian Pound at its UK outlets |
UK/INTERNATIONAL. The Turkish Lire and Egyptian Pound are the most popular currencies purchased by UK travellers after the Euro and US Dollar, according to a new Currency Index just published by American Express Global Foreign Exchange Services. The Index offers insights into the changing demand for foreign currencies among UK travellers (see table below).
The Euro was the most popular currency purchased by UK travellers in the period from January to June 2009, followed by the Dollar, according to the Index. Next came the Turkish Lire and the Egyptian Pound.
American Express Global Foreign Exchange Services Director of Trading & Business Development Terry Perrin said: “Over the last few years American Express has seen increases in demand for both the Turkish Lire and the Egyptian Pound. This year their popularity has been further bolstered by the weaker Sterling-to-Euro exchange rate, as UK travellers specifically look outside the Eurozone to make their spending money go further. In just 12 months we have seen demand for the Egyptian Pound nearly double and demand for the Turkish Lire increase by more than a third, both of which are at the direct expense of the Euro.”
Demand for the Thai Baht, the Jamaican Dollar and the Kenyan Shilling have risen strongly, noted the foreign exchange group, while there has been a decline in sales of currencies linked to European “˜mini-break’ destinations.
Perrin said: “We have seen a significant decline in demand for currencies linked to destinations such as Prague (Czech Republic Koruna) and Krakow (Polish Zloty). Also reflecting the trend is the fall of the Hungarian Forint for destinations such as Budapest. Since this time last year the Forint has dropped a huge seven places and out of our “˜Top Twenty-Five World Currencies’ league table.
“The uplift in currencies for long-haul destinations and the demise of the “˜mini-break’ currencies suggest that while many British travellers are opting for more premium holiday destinations, they are in fact reining in their overall annual spend and foregoing mini-breaks in order to push the boat out for their main annual holiday.”
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Despite the outbreak of swine flu earlier this year, demand for the Mexican Peso rose in the first six months, with the currency rising two places in the Top 25.
Perrin noted: “While demand initially dipped, causing the Peso to drop by eight places in May, overall figures suggest that swine flu was merely a short-lived deterrent for travellers.
“In fact, 15 out of the 25 most popular currencies in 2009 are for long-haul destinations from the UK, proving that holidaymakers are prepared to go the extra mile if they can get value for money.”
About the American Express Currency Index The first Currency Index launched by American Express Global Foreign Exchange Services provides insight into year-on-year industry trends and fluctuations in demand for foreign currencies. Using American Express’ extensive Wholesale Currency Service database featuring 130 of the world’s currencies, the Index focuses on the top 25 best-selling currencies as purchased in the UK.
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