Published On: Fri, Aug 10th, 2018

Turkey holidays: Book your cheap trip now as lira hits record low against pound | Travel News | Travel

Turkey holidays are experiencing an almighty boom as the lira hits a record low against the pound. The Turkish currency has fallen by 34 per cent over the past year.

Travelling to the country is now even cheaper for UK tourists hoping to bag a bargain break.

This means that when you exchange £100, you will get 697 lira rather than the 460 you would have received last year (both before exchange fees). 

The lira’s slump comes as the pound plummeted to its lowest level against both the euro and US dollar this year.

Holidaymakers are advised not to exchange money at the airport if heading to the EU as you will currently get less than a euro for a pound.

The heatwave in the UK also means more and more Britons are choosing to staycation rather than book a holiday abroad which has reduced the ability of travel firms to raise prices.

Consequently, travel companies are offering plenty of great-value deals to tourists wishing to head to Turkey.

Anth Mooney, Managing Director at Thomas Cook Money said: “Turkey has been a consistently popular destination for us, so it’s no surprise that Turkish Lira is regularly one of our top selling currencies. 

“The great exchange rate helps customers to make their money go further.”

She also advises holidaymakers heading to Turkey to load a prepaid card with lira to take advantage of the rates.

Thomas Cook has experienced a 63 per cent increase in holiday bookings to Turkey this year, with more bookings in 2018 than in previous years.

Its airport Antalya has even overtaken Spain’s Palma de Mallorca as Thomas Cook’s most-served airport for UK travellers. There are 57 flights a week to the former and just 41 to the latter.

Turkey now has the greatest number of returning customers, helping make it a “standout destination for summer 2018,” reported The Guardian.

Turkey welcomed more than two million tourists in June to the city of Antalya. 

According to Club Med, a 94 per cent uplift in sales has been reported, while TUI has ranked Turkey as a top destination for Britons this summer.

A recent report by Post Office Travel Money revealed Marmaris in Turkey as the cheapest beach destination in Europe.

Turkey’s tourism has suffered in recent years from a wave of terrorist attacks, with 14 attacks in 2016.

The latest attack was on New Years Day in 2017 at the Reina nightclub which killed 39 people.

Since then, security has been tightened although terrorist attacks are still “very likely” according to the Foreign Office.

Regions on the Syrian border are advised against all travel yet the rest of the county is deemed safe for travel.

The lira’s slump follows growing tensions between Turkey and the US, with president Donald Trump reviewing the country’s duty-free access to the US market.

Egypt and Tunisia have also struggled with government bans for UK tourists following terrorist attacks, but are now also starting to see an increase in holiday bookings.

Top facts about the Turkish lira

The Turkish lira is the currency of Turkey and the self-declared Turkish Republic of Northern Cyprus. The Turkish lira is subdivided into 100 kuruş.

It has lost nearly a third of its value this year, principally due to concerns regarding about President Tayyip Erdogan’s influence over monetary policy.

The lira was introduced for the first time as the official currency of Turkey in 1844.

Post-1970, the lira went on to lose value on a long succession of exchange rates.

As a result of Turkey’s chronic inflation from the 1970s to the 1990s, the lira suffered a severe devaluation.

Turkey has also had high inflation rates in comparison to other developing countries but has yet to suffer hyperinflation.

The Guinness Book of Records classified the lira as the world’s least valued currency on two occasions: between 1995 and 1996, and from 1999 to 2004.

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Turkey holidays: Book your cheap trip now as lira hits record low against pound | Travel News | Travel