Warning over non-European currency values

Those changing sterling into currencies outside the eurozone may not know enough about the value of goods in the countries in question, it has been stated.

Chief executive at foreign exchange firm FairFX.com Stephen Heath stated that as the pound has fallen nearly 20 per cent in value against the euro in the past year, consumers are looking father afield for their holidays.

"So people rep have looked at other destinations like Turkey and Egypt and have less knowledge about the currencies in those countries and the value of those," he observed, advising that consumers should seek more information.

While such advice may be useful for holiday makers, it could also be handy for people looking to buy a property in a country such as Egypt, both to show if their possible house purchase represents good value and to understand general living costs better.

Purchasing in a country like Egypt may be more attractive due to the weakness of the pound against the euro.

Comments by Bank of England governor Mervyn King this week suggesting a weak pound will be good for Britain because it will boost exports have been seen as causing a further drop in the value of the currency against the euro.

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