Pound down because of Brexit unrest

PoundPound.Photo: pixabay.com

Brexit unrest has meant that the pound is now at its lowest level compared to the US dollar in 31 years.

The rate of the pound is now almost 15 percent lower than it was before the EU referendum on 23 June, writes The Guardian.

For1 British pound ,you had to pay $ 1.2778 on Tuesday morning, a depreciation of 0.5 percent since Monday.

The decline is, according to analysts, a direct consequence of the prime minister Theresa May  making it clear on Sunday that she will trigger Article 50 of the Lisbon Treaty by the end of March.

Article 50 begins the formal process of UK leaving the EU.
On Tuesday the pound also dropped to its lowest level in three years compared  to the euro.

The rate of the pound compared to that of the Norwegian krone has also  dropped sharply lately. The rate of one British pound on Monday afternoon was 10.26 kroner .

When the EU referendum was held on 23 June, the rate of 1 poun 12.14 kroner, while in October last year the rate was at 12.67 kroner.


Source: NTB scanpix / Norway Today

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