Tourists who had earlier swore on the strength of the sterling were left penniless as hotels and banks refuse to exchange the pounds in United States of America, Greece, Bulgaria and Australia following Thursday’s referendum where Britons voted to exit the European Union.
The Brexit victory led to falling stocks across the world and the loss of value of the pound. And to be on the side of caution, no one wants to exchange the pounds as the rate is unclear and the immediate future uncertain. Yesterday, the pound lost about 10 percent of its value against the dollar. And against some currencies, it lost as much as 20 percent.
Banks in the United Kingdom are losing share value by as much as 30 percent, with over £100 billion shaved off the value of the stock market in London.
A bank in Australia issued this statement : ‘ We are sorry, but due to recent results from the British exit referendum, we are temporarily suspending all foreign exchange of GBP pounds, and transactions that do not include AUD until the morning of Monday, June 27‘.