AGENTS are bracing themselves for a huge loss of income
following the introduction of the euro across 12 countries from next January.
They fear they will be forced to slim down their bureau de
change facilities and find new sources of income as the demand for foreign
currency drops. The lucrative foreign exchange market was worth around £4.8
million last year.
ABTA chief executive Ian Reynolds said the situation would
get even worse if and when Britain joins the euro.
“From January there will be a reduced foreign exchange
opportunity because inevitably clients taking lots of holidays will keep hold
of their euros.
“But at the point where Britain may join, then I think there
will be quite a big impact,” he said.
He stressed there was still plenty of time for agents to
prepare for Britain’s possible entry to the euro, although it may mean taking
on a more advisory role on foreign exchange.