So - the credit crunch has started to affect us. Or, more precisely, Gordon Brown's use of the "R" word last week and the subsequent tumbling of the GBP in international money markets has hit us.
Although our salary is pegged to GBP, we receive 25% of our monthly salary in Egyptian pounds. So, if the pound is strong against the LE then we get lots...and if not, we don't.
Today we received our payslip for this month's pay, and the exchange rate has plummeted. We've been watching it closely over the past few days anyway, as our "ballpark" exchange rate is 10LE to the pound, but today really hit us as we're getting an exchange rate of 8.8LE to the pound whereas last month we were over a whole LE higher. So, really, the pound has taken at least a 10% tumble against the LE (which more closely follows the USD) and so that quarter of our pay has followed suit.
I real terms, readers, that means we can no longer be the UK's largest importer of spices by volume.
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