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Rising exchange rates... Greying hairs.

 
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MacMahon



Joined: 04 Oct 2003
Posts: 39

PostPosted: Sat Jun 05, 2004 3:56 pm    Post subject: Rising exchange rates... Greying hairs. Reply with quote

Calling all British teachers out in Saudi. Can anyone advise on where to change the 'Blue notes' every few months?

At the moment it is 6.9 almost 7 to the pound (and rising it seems). Am I the only one concerned or did I take a wrong turn somewhere? I am not interested in investment of any sort, just straight transactions.

Somebody suggested buying $ as they are more stable and have a fixed rate with the SR.

Short of buying a pinkey diamond I am at loss... (Onyx from Argos)

Thanks all.
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scot47



Joined: 10 Jan 2003
Posts: 15343

PostPosted: Sat Jun 05, 2004 4:13 pm    Post subject: Reply with quote

forget about sterling

change them into US $'s
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basiltherat



Joined: 04 Oct 2003
Posts: 952

PostPosted: Sat Jun 05, 2004 5:51 pm    Post subject: Reply with quote

I had this happen to me in Indonesia.
I've always adopted the following approach, no matter what.

'Always change into the currency in which you are (ultimately) going to spend it'.

No complaints so far (probably because I never think of what would have happened had I not done as I did).
We are not getting salaries that encourage foreign currency speculation and the like or even make it worthwhile (a quid here, a quid there? Rolling Eyes ). We're earning peanuts compared to some. Leave the headache of basketing in currencies to dealers ! That's my view for wats it's worth.
Regards
Basil
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scot47



Joined: 10 Jan 2003
Posts: 15343

PostPosted: Sat Jun 05, 2004 6:16 pm    Post subject: depends Reply with quote

If you have expenditure in sterling - for a mortgage etc - it is a drag. Some of us are not in that position. I have some expenditure in Euros but apart from National Insurance Contributions, I spend little in Pounds.

The Saudi Riyal is effectively pegged to the dollar at 15:4. Open a dollar account and bank in dollars.

Some true-blue Brits have psychological or emotional difficulties with that ! They do not want to sell out to the Yankee Dollar !

Personally I am rather keen on those pictures of dead presidents and could use a suitcase or two of them.


Last edited by scot47 on Sun Jun 06, 2004 4:00 am; edited 1 time in total
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Bindair Dundat



Joined: 04 Feb 2003
Posts: 1123

PostPosted: Sat Jun 05, 2004 6:52 pm    Post subject: Re: depends Reply with quote

scot47 wrote:

Soem true-blue Brits have psychological or emotional difficulties with that ! They do not want to sell out to the Yankee Dollar !


We're doing our best to help out with that problem. Effective immediately, US Dollars will be sold only to US citizens, resident aliens ("green card" holders), and others who are deemed worthy of carrying around portraits of U.S. presidents. I will be sitting on the certification committee and will let my "offshore" friends know if and when any of you become eligible to buy dollars. Your certification will be temporary, so you'll have to rush off to the bank when you get the word.

Address any questions, problems, or complaints to someone else. Thank you. Have a nice day. Smile

BD
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Cleopatra



Joined: 28 Jun 2003
Posts: 3657
Location: Tuamago Archipelago

PostPosted: Sun Jun 06, 2004 2:25 pm    Post subject: Reply with quote

I have no "emotional attachment" to the pound, euro or any other currency, but it is clear that the $ is sinking and could possibly sink even further.

What does annoy me is how certain Saudi employers have a policy of paying Americans more than other "Westerners" for doing the same job. If anything, given the strength of the pound and euro (and most other currencies) against the $, and the relative cost of living in most parts of Europe vs the US, it should be the other way around.
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Bindair Dundat



Joined: 04 Feb 2003
Posts: 1123

PostPosted: Sun Jun 06, 2004 3:45 pm    Post subject: Reply with quote

Cleopatra wrote:

What does annoy me is how certain Saudi employers have a policy of paying Americans more than other "Westerners" for doing the same job. If anything, given the strength of the pound and euro (and most other currencies) against the $, and the relative cost of living in most parts of Europe vs the US, it should be the other way around.


Ah, the Peninsula is such a whimsical place, isn't it?

BD,
Glad that being American has its compensations
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