• Financial Institutions
  • Corporations
  • Travelers
  • SOLUTIONS
  • Foreign Bank Note Exchange
  • International Drafts
  • International Wire Transfers
  • Global EFT
  • Foreign Check Clearing
  • Foreign Draft Issuance
  • INDUSTRIES
  • Travel
  • Technology Companies
  • Payroll
  • Healthcare
  • Nonprofit
  • Partnerships

Bank of England Protects Pound Amidst Brexit Fears

Ryan May 17th, 2016
Bank of England Protects Pound Amidst Brexit Fears

 

The United Kingdom is about to face a big decision on whether they should stay or leave the European Union on June 23, and the ambiguity that is building around the situation has proven to be a challenge for the Bank of England. 

Mark Carney the President of the bank made his comments warning that the UK economy could endure "materially lower growth, notably higher inflation and rises in unemployment" if Britain heads for the exit door, according to Sky News.

 

Want an independent take on #Brexit from a neutral economic expert? Here's what Professor Sir Paul Collier thinks:https://t.co/gyN2nB4pcj

— Stronger In (@StrongerIn) May 16, 2016

 

If they decide to leave the pound will fall sharply in value. Due to the amount of uncertainty this might cause, Bloomberg reports the Bank of England has, “decided to calculate an effective sterling exchange rate that removes the weakness in the currency,” and calling it the ‘ExBrex’ rate.

 

 

On the upside because recent polls have revealed that most British voters are divided, a recent campaign went viral called #hugabrit to convince them to stay in the European Union.

 

 

For more updates on the United Kingdom pound and other foreign currencies, join our platinum passport today so you can always be the first to know the most. 

 

About Currency Exchange International
Currency Exchange International (CXI) is a leading provider of foreign currency exchange services in North America for financial institutions, corporations and travelers. Products and services for international travelers include access to buy and sell more than 90 foreign currencies, multi-currency cash passport’s, traveler’s cheques and gold bullion coins and bars. For financial institutions, our services include the exchange of foreign currencies, international wire transfers, purchase and sale of foreign bank drafts, international traveler’s cheques, and foreign cheque clearing through the use of CXI’s innovative CEIFX web-based FX software www.ceifx.com

 

Disclaimer: All product names, logos, and brands are property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, logos, and brands does not imply endorsement.

 

Archive