Latvia set to become holiday destination
22 Jan 2014
Latvia has emerged as a key holiday destination for 2014, having joined the Euro at the start of this year. On the first day of 2014, Latvia became the 18th state to join the Eurozone, and a much more attractive country for Brits, with a currency significantly more available and familiar. Riga, the country's capital, is in line to take up the position of European Capital of Culture for 2014.
Despite the switch to the Euro, it's still good value for travellers. A one night's stau in a three-star hotel costs as little at £311 and a three-course meal for two on average £252. Direct return flights to the capital from the UK are available from under £1003.
David Swann of Travelex comments: "Although converting to the Euro will not affect costs for Brits, calculating costs whilst in Latvia will become much easier, as most Brits can easily convert Euros into Pounds. Although an uncommon holiday choice, Latvia offers fantastic value for Brits looking for a cheap city break. With the average cost of £1.204 per pint of draught beer and its reportedly booming nightlife, the capital of Riga would make an ideal destination for stag groups."
The Pound got off to a flying start in January, hitting a fresh two-year high against the US Dollar and approaching a one-year high against the Euro. This boost to the Pound came with new-found confidence in the UK economy, which has shown strong signs of improvement. In the last week the Pound has stumbled in its progress, falling slightly behind on last week's exchange rates against the US Dollar and Euro. Despite its recent falter, Sterling is up five per cent and nine per cent against the Euro and US Dollar respectively compared to ten months ago. This means Brits exchanging £500 will receive an extra €28 and $73.
For those looking to make the most of their budget, taking the opportunity to purchase currency when the exchange rates are favourable can help their Pounds stretch further. The Travelex Rate Tracker can help travellers to decide when is a good time to buy by sending alerts when the user's chosen currency reaches significant lows against the Pound.
Travelex is the world's largest foreign exchange specialist with almost 1,500 stores and 1,250 ATMs across 27 countries, at key airport, seaport, rail and tourist locations. Over 40% of travellers - 1.7 billion passengers a year - pass through airports where Travelex operates including the major gateways at Amsterdam, Beijing, Frankfurt, Hong Kong, London, Mumbai, New York, Paris, Sydney & Tokyo. Every hour, Travelex provides foreign currency to more than 2,000 customers.