The value of sterling is expected to parity with the US dollar by the end of November, and then fall to just $0.97, according to the latest forecast from bank Nomura.
By the first quarter of 2023, sterling would be worth $0.95, the bank says.
By Monday morning the pound had hit a 37-year low, falling to all-time lows against the dollar at below $1.04.
It is widely expected that UK interest rates will have to rise as a result.
On Monday afternoon, one pound sterling was trading at AED3.97 – below the AED4 for the first time in weeks, with the Euro worth just AED3.55.
The drops mean that expats living in the UAE will see a huge increase in the value of any monies sent back to Europe.
Follow us on
