British travellers to Turkey are getting 400% more Turkish lira per pound now compared to before Brexit
This post was written back in April 2017 and a lot has changed since then. Notably, the Turkish lira is performing even more poorly than it did back then. The original text is preserved below but you can find today's latest exchange rates on our Turkish lira comparisons page.
If you already have a holiday booked to Turkey this year then you will be pleased to know that the Pound to Turkish Lira Exchange Rate is better than it was before the Brexit Referendum vote on the 23rd June 2016 last year.
If you check our Turkish Lira Historical Exchange Rates graph you'll see the Pound to Turkish Lira Exchange Rate was 4.2 on the 23rd June 2016. However, more recently the Pound to Turkish Lira Exchange Rate has been consistently hovering around 4.5 during March 2017 and early April 2017 which is good news if you are looking to Buy Turkish Lira soon for your holiday to Turkey.
So, for example, if you were looking to exchange 1000 GBP into the Turkish Currency at the time of the Brexit Referendum last year on the 23rd June 2016 you would have received in return 4200 Turkish Lira. However, now you would receive 4500 Turkish Lira in return which equates to roughly an extra 70 GBP in your pocket as extra spending money for your holiday to Turkey, which is a much better return.
In fact over the last five years the Pound to Turkish Lira Exchange Rate has gradually been improving for UK consumers despite the overall dip in the Pound against other currencies since the Brexit Referendum vote on the 23rd June 2016 last year.
Turkey has always been a popular destination for UK consumers and travellers due to the hot weather, sandy beaches, historical culture, food, drink and not to mention the low prices. Last year in 2016 The Foreign and Commonwealth Office reported that 1.7 Million British Nationals visited Turkey and it has been reported in the media that tourists are planning to return to Turkey in greater numbers in 2017.
In recent years Turkey has suffered a little due to terrorist attacks in the country, although this has as yet affected the major tourist hotspots and the current advice from The Foreign and Commonwealth Office is to avoid the areas bordering Syria and Iraq which of course won't affect the majority of people travelling to Turkey from the UK.
It's always very difficult to predict what will happen to Currency Exchange Rates especially between now and the summer months for the Pound To Turkish Lira Exchange Rates. Politically, Turkey are going through some changes at the moment as they have the Turkish Constitutional Referendum on the 16th April 2017 which of course creates uncertainty in the markets until there is a clear resolution.
But, of course the same goes for the UK and the value of the Pound whilst the government is renegotiating the Brexit deal with Europe which could take up to two years. So, predicting what will happen between the Pound, Turkish Lira and the Euro between now and the summer is not easy. All we can advise at this stage is if you need to Buy Foreign Currency then please compare online using our comparison tables as it can save you money especially if you can avoid buying from the airport or using your credit cards.