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The British pound has hit an all time low against the Euro and now stands at 1.08.
Sterling has dropped approximately 25% against the Euro this year as the British economy has been hit by a recession.
This means that retired British expatriates living in Cyprus have seen a reduction in their pensions of almost 25% in the past twelve months. If the pound was to fall level with the Euro then that would spark fresh debate as to whether Britain should adopt the European currency.
There has been a report of travellers exchanging Sterling at British airports only receiving £1 to €1 conversion exchange rate.
The current exchange rate is good for those changing Euro to Sterling when visiting the UK but not for people who want to holiday in Cyprus.
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