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CNN Money Reports Brits Hoarding Cash Ahead Of Brexit Vote

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CNN Money Reports Brits Hoarding Cash Ahead Of Brexit Vote

In an article Wednesday, CNNMoney said currency dealers and foreign exchange companies noted a surge in people stocking up on euros and dollars, expecting a vote to leave the European Union (EU) would crash the pound.

FairFX, which sells prepaid foreign currency debit cards, said that the amount of cash loaded onto cards rose 300 percent this week and the value of euros was up 100 percent.

Related Link: Brexit Has Been A Bane For These ETFs

Legendary investor George Soros has said that “Brexit,” slang for Britain exiting the EU, could take more than 20 percent off the value of the pound. Soros famously made his fortune in 1992 by betting heavily against the pound in 1992, after Britain joined the European Exchange Rate Mechanism, a precursor to the EU.

Posted-In: BrexitNews Eurozone Forex Global Economics Markets Media

 

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