Today the € traded above 70 peso for the first time since I arrived in the Philippines in early 2016. It's also trading above 80 against GBP, and close to 60 for the dollar. Luckily for us retirees this weakness means our pensions have gained also, and protected us to some degree against the higher (cumulative) inflation in the Philippines. As is clear from the graphs below though, not all currencies have done equally well against the peso over the past 10 years. Of the six currencies I looked at, by far the best was the Swiss Franc, it gained around 61% against the peso. Next is the Euro, gaining almost 35%. Then the Canadian dollar with around 26%. Then the US dollar with 23%, followed by the Aussie dollar with 21%. Lastly the British pound, which gained 19%.
John, that is the exchange rate for actual (paper) money, the rates in my charts are for interbank transfers. The reason banks in the UK offer lousy rates for paper money is that it's very low liquidity trades, in other words, if they have some peso bills in stock they may sit on them for way too long.
Plus the fact that banks are scum - they use (risk) our money for their benefit and then take huge bonuses. When trying to get our money out they put in "safety features" to make it as difficult as possible. I am aware they say it is for OUR benefit ... but they would say that, wouldn't they. Part way through a transaction last week, my UK bank suddenly went offline (exactly the same as this site just did!). I know there are many cyber attacks organised by HitlerII (the one in Russia, not in the USA - I think), but I am sure they are struggling with online banking because they closed most of the bricks-and-mortar banks and forced most people online. Now they can't cope.
[QUOTE="Notmyrealname, post: 264864, member: 5226" Part way through a transaction last week, my UK bank suddenly went offline (exactly the same as this site just did!). I know there are many cyber attacks organised by HitlerII (the one in Russia, not in the USA - I think), but I am sure they are struggling with online banking because they closed most of the bricks-and-mortar banks and forced most people online. Now they can't cope.[/QUOTE] In the UK, the High Street Banks are closing faster than Pubs, these days!
