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Demand for foreign currency up 60%

24 October 2017 08:54

Trips to New Zealand are on the rise

Trips to New Zealand are on the rise

Despite the volatile value of the pound in the wake of Brexit, holidaymakers are not put off taking overseas trips - sales figures for currency suggest.

According a recent holiday index by foreign exchange experts Post Office Travel Money, currency fluctuations have not impacted negatively on the foreign holiday market, with demand for best-selling currencies up 60%.

Andrew Brown, head of travel money at the Post Office, said: "Big increases in Post Office currency sales are an indication of the confidence felt by consumers that they can still afford to holiday abroad.

"Affordability remains the key issue for people planning trips abroad and this does not only relate to package costs."

'Healthy growth'

The index - covering January to September - suggests "healthy" annual growth across 20 of the best-selling currencies.

These include the US dollar and the euro.

New Zealand is becoming an increasingly desirable destination, with currency sales showing a 43% rise when compared with the same period in 2016.

Anyone planning a trip to New Zealand or other far-flung destination should seek to take out worldwide travel insurance.

Strong pound

Despite the uncertain economy, the pound is making gains in currency markets, reassuring people that holidays may be within their budget.

Sterling has increased by almost a third (28%) against the Turkish lira, 17.1% against the Japanese yen and is 8.9% stronger against the New Zealand Dollar.

Analysis of the top 40 Post Office holiday currencies show sterling is stronger against three quarters of the list.

"Holidaymakers are increasingly aware how much extra they will spend once they reach their destination so the fact that sterling has climbed back from its lowest level 12 months ago will provide a welcome confidence boost for the market."

There are only 10 currencies stronger against the UK currency - including the Czech koruna and Russian ruble.