People panic buying euros and dollars

Ryan Bembridge

June 24, 2016

US dollar

People have panic bought foreign money like euros and dollars before the result of the EU Referendum.

On Wednesday currency exchange service No. 1 Currency experienced its busiest every day, with a 300% increase in orders for the home delivery of currency.

Simon Phillips, retail director at No.1 Currency, said: “Demand has rocketed for all foreign currencies, but euros and dollars are proving especially popular.

The inevitable slowdown and the anticipated rebound

“Our network of high street stores came close to running out of the most popular currencies on Wednesday, and as high demand continues today we’ve dramatically increased stock levels to cope with the surge in demand during the final hours before the result is announced.

“What began as brisk demand from holidaymakers keen to bag a good rate on their currency is increasingly resembling panic buying as people rush to buy now before the result is known.”

Sterling is predicted to fall by as much as 20% if Leave wins.