Alert for UK businesses trading with the Eurozone
Carl Hasty, director, Smart Currency Business, comments:
“As the situation in Greece escalates, UK businesses trading with the Eurozone – particularly those purchasing or selling euros – will need to be on their toes. Sterling-euro has reached a seven-year high; further fluctuations in the exchange rate could spell large losses on currency costs.
“It currently remains uncertain if Greece will meet the 30th June deadline for its next International Monetary Fund (IMF) payment. The country’s banks will remain shut all of this week; it is expected that they will reopen on Monday 6th July.
“Given that many events are occurring at a fast pace, it is prudent that UK businesses trading in euros look to mitigate the risks as much as possible, in order to minimise losses borne by currency fluctuations.”