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Sterling one of the weakest in 2016

Press Association logoPress Association 11/10/2016 Thomas Hornall

Sterling has lost 17 per cent of its value against the dollar since June 23, making Mozambique and Sierra Leone among a dwindling number of countries whose currencies have fallen further than the UK since the referendum.

None of the world's leading currencies has suffered a similar decline, and only a handful of minor currencies have surpassed it.

These include the Mozambican metical, which has dropped by 20 per cent, and the Guinean franc which has slipped by 19 per cent.

The Sierra Leonean leone has recorded the worst performance, plunging by almost one-third.

By contrast the euro has dropped just two per cent, while the Japanese yen has risen by two per cent.

The Uruguayan peso and Zambian kwacha are among the few currencies to have gained in value against the dollar.

Speaking in the House of Commons on Monday, Brexit Secretary David Davis suggested the Government is powerless to stop the pound's value going "down and up and down and up" during negotiations to leave the EU.

Davis dismissed calls for him and fellow ministers to be "careful with their words" to prevent further volatility and said there are a "very large number of upsides" to the fall in the pound.

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