Turkish Lira rises to fourth in popularity at Post Office

www.postoffice.co.uk

The Turkish Lira is reported to be the fourth-most popular foreign currency seen by the UK Post Office currency exchange – the leading bureaux de change in the country – as holidaymakers prepare for summer holidays outside the eurozone.

According to the Post Office, the demand for the Lira has risen by 21 per cent over 2008, and is showing signs that the growth will continue. One pound of every three that holidaymakers take with them overseas is exchanged by the Post Office.

In 2008, the Turkish Lira overtook the Canadian Dollar, becoming the fourth-most popular foreign currency, and if the current rate of growth continues, it may overtake the Australian Dollar, reaching third position by the end of 2009.

The Lira’s popularity is the most recent evidence suggesting that eurozone destinations, including Italy and Spain, are losing favour with holidaymakers due to the decrease in the value of the pound.

One year ago, £1 bought €1.27, and although the exchange rate has shown significant improvement over the past month from a low of €1.03, it buys only €1.13 this week.

The Turkish Lira, on the other hand, has remained relatively stable, with an exchange rate of around £1 to 2.40 Lira for the past 12 months.

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www.postoffice.co.uk