This was the conclusion drawn from the Post Office’s Holiday Money Index, which covers the 12 months to January 2023.
The index found the value of the Egyptian pound experienced a "dramatic" fall, which, according to the Post Office, could make Sharm el-Sheikh and other Red Sea resorts a cheaper choice for Brits looking to holiday abroad this year.
Analysis of exchange rate movements revealed visitors to Egypt will get almost 73% more than a year ago for their pounds – the equivalent of more than £210 extra on a £500 currency transaction.
