Holidays to Turkey surge in demand

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Demand for Turkish lira has increased by 166% over the past 30 days due to a very favourable exchange rate and a relatively low incidence of coronavirus in Turkey.

Turkish lira hit a historic all-time high this week with one pound currently worth 9.2 lira; an increase of 42% compared to the same time last year and a staggering 240% increase since new Turkish lira were introduced 15 years ago.

Today, one pound will buy more lira than at any other point since 2005 when the Turkish government wiped six zeros off the value of all banknotes in an attempt to control inflation.

Our figures suggest that demand for Turkish lira will double in August 2020 compared to June and July as British holidaymakers look increasingly at Turkey as a viable holiday destination during the pandemic.

Is it safe to travel to Turkey?

The data suggest Turkey is following a similar trend to the UK with the majority of coronavirus cases reported back in April followed by a decline and eventual stabilisation of new cases.

The latest World Health Organisation figures show there have been 242,000 confirmed cases of coronavirus in Turkey and 5,860 deaths. In the UK there have been 311,600 confirmed cases and 46,530 deaths. While the UK has had more confirmed cases and deaths, both countries share a similar overall trend in cases which peaked in March-April 2020 before steadily declining and stabilising.

Data from the European Centre for Disease Prevention and Control shows coronavirus cases in Turkey have been declining since the end of April with the exception of the last two weeks in June where cases briefly increased before decreasing again. The trend is currently stable with approximately 1,100 new cases reported each day and 15 deaths.

Turkey is on the Foreign and Commonwealth Office travel exemption list which means the British government believes Turkey does not pose an ‘unacceptably high risk’ of coronavirus and British travellers do not have to quarantine if they visit Turkey on holiday.

Travellers are still required to wear face masks in certain locations, adhere to social distancing and ensure they have valid travel insurance cover in place. However, the risk of holidaying in Turkey remains relatively low compared to other European destinations.

Travel insurance to Turkey

In the last couple of weeks, travel insurance brokers have begun to issue policies that provide coronavirus and COVID-19 cover as standard which means British travellers can now travel with the peace of mind that their medical, hotel and travel costs will be covered should they fall ill with coronavirus whilst travelling or if their holiday is cancelled or cut-short due to coronavirus.

You can compare travel insurance quotes using our coronavirus travel insurance comparison tool.

Posted by Dan Morley

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Dan is the co-founder and Technical Director of Compare Holiday Money.

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