Thus far 2016 has been a year of mainly downward movement. Oil prices have remained suppressed along with job numbers in the oil and gas sector and interest rates also remain low albeit with no real signs of immediate resurgence. Sterling has also seen its value depreciate although this has meant for those working overseas who bring their salaries back to the pound each month- up to a 10% bonus on their salaries- but for how long will this last?

As the EU referendum vote for the UK to either leave or remain gets ever closer, so does the impact of the opinion polls that continue to hit the market. The weekend saw a recent poll from ORB for the Independent (of 2,000 people) released which highlighted the “leave” vote leading at 55% and the “stay” vote taking the remaining 45%. This resulted in GBP being heavily sold again this morning meaning the following moves from close of business on Friday 10th June to the open this morning (Monday 13th June):

GBP against USD- from 1.45 to 1.4160
GBP against EUR- from 1.28 to 1.2560
GBP against NOK- from 11.85 to 11.68
GBP against SAR- from 5.44 to 5.31
GBP against QAR- from 5.28 to 5.16

These moves demonstrate in broad terms exactly how on edge the markets are about the decision in 11 days’ time and how closely run the result is expected to be. However, in more specific terms this shows overseas workers exactly how short term moves can impact on net salary. To put context around the exchange rates above- if you are an overseas oil and gas worker being paid a notional £8,000 per month in a foreign currency the difference to your monthly salary payment between Friday and this morning is as follows:

GBP against USD- an extra £192
GBP against EUR- an extra £152
GBP against NOK- an extra £116
GBP against SAR- an extra £195
GBP against QAR- an extra £186

Take Home More of Your Pay

Oil and Gas People has teamed up with Global Reach Partners to offer our site users a currency exchange solution that will maximise contractors take-home pay. If you are paid in a foreign currency we are on hand not only to provide a transparent cost efficient service to you when it comes to exchange of your salary payments, but we also help employees and contractors by providing insight and assistance to help capitalise on currency moves and ensure you retain as much net salary as possible.

Click to find out more about our zero cost salary exchange and how it could benefit you regardless of the currency you are paid in.