Fainting in Coyles An occasional letter from the
Heart of Euroville
Thursday, December 04, 2003
Exchange rate strangeness Why is it, and I ask any literate economist reader to put me straight on this one, why is it that Bank of Scotland pounds are exchanged for a marginally improved rate than Bank of England pound notes.
I was standing in a queue with a few hundred of the BOS notes this morning (mother in law over to gaze at the young Rose- and to involve herself in the minutiae of winding up my darling wife of all possible arrangements). When I reached the till the young Vlamming took one look at the purple notes, picked up the phone and demanded a rate for “livres Ecossians”, to my surprise the rate was better (OK only .712 to .711) but if we were working with multiple thousands and more that could make a margin.
Please somebody tell me what is going on?