The Irish Exporters Association (IEA), the voice of the exporting industry in Ireland, is deeply concerned about the effect that the recent adverse movement in the Euro-Sterling exchange rate may have on Irish businesses exporting to the UK.
The Association says the sharp drop in the Pound over the past 48 hours indicates the likely impact a no-deal Brexit would have on the exchange rate - adverse and swift. The IEA have noted with "deep concern" the trajectory in the Euro-Sterling exchange rate over the past 36 hours.
Commenting on the exchange rate’s development, Chief Executive of the Irish Exporters Association, Simon McKeever said, "The profitability of Irish companies exporting to the UK is heavily dependent on the exchange rate – particularly at these levels. This recent sharp adverse movement, caused by the increased likelihood of a no-deal Brexit, is a serious threat to many Irish exporters if not sufficiently recognised,managed and mitigated. We call on all Irish exporters trading with the UK, to assess their exposure to the EUR/GBP exchange rate without delay and if necessary, consult with their financial partners on the appropriate steps to mitigate their risks."