M&S first on the high street to offer two dollars to the pound

M&S Money is offering two dollars to the pound at all of its 107 Bureaux de Change for the rest of this week* in response to the anticipated reduction in US interest rates by the Federal Reserve.

This makes M&S Money the first national high street provider** to offer a rate of exchange last experienced 26 years ago***.

The retail exchange rate has been close to the two-dollar mark since April this year, at which stage it was at its highest since September 1992 - before the pound came out of the Exchange Rate Mechanism and the dollar rate started to fall back again.

Fraser Millar, M&S Travel Money Manager, said; "We're delighted to offer two dollars to the pound to our customers, which compares very favourably with other high street bureaux offering rates of between 1.96 and 1.99.

"Anyone planning to travel to the USA for a Christmas shopping break or a longer trip next year may wish to stock up on dollars now, rather than wait until they go on holiday."

*M&S Money dollar rate 2.00 to the pound from 12.00pm midday Wednesday 31st October 2007 to close of business Sunday 4th November 2007

** 107 Bureaux de Change in M&S stores across the country - 90% of the UK population live within 30 minutes drive of an M&S bureau

*** The last time the pound was at this level was November 1980 when it reached 2.446 dollars to the pound (source: bbc.co.uk/business)