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The Weakening Sterling’s Impact on Israeli Goods Exports
August 24, 2016
Over the last 12 months the Sterling weakened vis-à-vis Britain’s currency basket by 16% in nominal terms. The bulk of this downturn occurred since the release of the June 23rd Brexit referendum results. The results led to a jump in the degree of political and economic uncertainty in Britain, volatility in the financial markets, and an expansion in the monetary policy of the Bank of England (BOE). The weakness in the currency has been backed also by the poor state of Britain’s foreign accounts, including a large deficit in the current account of the balance of payments, and serious concerns surrounding a cessation, and even a reversal in direction, of foreign direct investment (FDI) into Britain
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