Egypt’s pound avoided the sharp drop that many had feared on its first day as a freely traded currency, but bankers said that was because years of dollar shortages had starved the market of liquidity. The pound weakened in interbank trade on Sunday, slipping from 15.50 per U. S. dollar to close at 16. Volumes … Read more
The fall in the value of sterling has acted as an important “shock absorber” for the economy, according to Bank of England deputy governor Ben Broadbent. He told BBC Radio 5 live that having a flexible currency was “extremely important” to cope with shocks. “In the shape of the referendum, we’ve had exactly one of … Read more
The U. K. is still a member of the EU, and will be for at least another 30 months. It’s been the week from hell for those trying to plot Britain’s exit from the European Union. The U. K. economy sent new warning signs. EU officials drew a hardline. And the first major legal challenge … Read more
The tumbling value of the pound against the US dollar, euro and other currencies since Britain voted for Brexit could have a significant impact on British consumers and businesses. Earlier, it collapsed in value to new 31-year lows, sparking market chaos and a Bank of England probe. Here is a look at what the falling … Read more