The pound slipping........

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crewmeal
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The pound slipping........

Post by crewmeal »

With all what's going on with Brexit the pound is slipping again. Last year for my £1500 I got 36,000 LE now 30,000. This equates to around £300. Mind you it went up slight after Theresa May resigned but sank with the thought of all those knobs after her job!!



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Re: The pound slipping........

Post by BENNU »

Last year, one Egyptian pound cost me 34 Danish ears, today it is 40.

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Re: The pound slipping........

Post by carrie »

A few years ago one British poumd got you 5le, think we are doing very well.

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Re: The pound slipping........

Post by A-Four »

I would not worry too much about the U.K.£, it know full well how to play the game in difficult times. If we are to look at the South African Rand in around 1980, you got 1.80 (or slightly under 2.00) to the U.K.£, today it is around 20.0 Rand, and when Brexit is sorted out, either way, it will go back to 25.0 Rand. The € is way over priced, this is as dangerous as being way under priced, the game is that a currency needs to be within the so called 'tight basket range'.

The situation in Egypt is that the LE is strong because most of its population is paying a new very high tax in one way or another, and with a massive devaluation that we have seen in Egypt, there should have been a huge export boom, though this has not really materialised. This situation will not be able to go on much longer as most of the population will default, a bit like what is happening in most of € land at the moment.

As the saying goes,.......you cannot buck the market.

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Re: The pound slipping........

Post by Horus »

I was actually in South Africa when they floated the Rand, all expectation was that it would increase above its current trading level. To that end I delayed paying my 6 week hotel bill until the following day, the Rand took a nose dive, so much so that I had to get more cash transfered over from the UK as it had cleaned me out. :mo
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Re: The pound slipping........

Post by A-Four »

Horus wrote:
Mon Jun 03, 2019 4:07 pm
I was actually in South Africa when they floated the Rand, all expectation was that it would increase above its current trading level. To that end I delayed paying my 6 week hotel bill until the following day, the Rand took a nose dive, so much so that I had to get more cash transfered over from the UK as it had cleaned me out. :mo
Yes exactly Horus, but I remember being in Egypt when the £ reached $2, I believe that was 2007 or 08. That was when you could quite easily change freely all currencies without having to buy the LE. I changed £5,000 without having to pay commission or the accept silly European tourist rates, straight exchange $10,000. The only problem, the bank paid me out in $20 bills,........I made a good profit though.

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