Where there are losers, there are also usually winners.
Fluctuating currency markets have resulted in a serious number of expats with income paid from sterling or euro-based assets lose relative income. On the flip side, many European expats living in the Middle East are profiting from the falling value of the euro and sterling against the dollar – which is the currency that most Middle Eastern countries peg their own currencies. This has resulted in an increase in the relative value of expatriate salaries.
According to Maktoob Business, there has been a relative value increase of some 10 per cent so far this year, as the Greek debt crisis has weighed on the Euro. At this stage analysts forecast further falls for the euro and sterling but a rebound in August. There has been a sharp rise in remittances back to Europe as expats based in the Middle East bank some of the change.
Currency rates are fickle and as we have found out through recent events, it can be a case of being in the right place at the right time. It is not easy to chase favourable currency rates but it is interesting to see how effectively some expats take advantage of them! How have currency rates affected you? Take part in the Expat Explorer 2010 survey and let us know your story.