From the archive, originally posted by: [ spectre ]


Dollars tough to sell on streets of Amsterdam  /  Mar 17, 2008

AMSTERDAM (Reuters) – The U.S. dollar’s value is dropping so fast
against the euro that small currency outlets in Amsterdam are turning
away tourists seeking to sell their dollars for local money while on
vacation in the Netherlands.

“Our dollar is worth maybe zero over here,” said Mary Kelly, an
American tourist from Indianapolis, Indiana, in front of the Anne
Frank house. “It’s hard to find a place to exchange. We have to go
downtown, to the central station or post office.”

That’s because the smaller currency exchanges — despite buy/sell
spreads that make it easier for them to make money by exchanging small
amounts of currency — don’t want to be caught holding dollars that
could be worth less by the time they can sell them.

The dollar hovered near record lows on Monday, with one euro worth
around $1.58 versus $1.47 a month ago.

{Reporting by Svebor Kranjc, writing by Reed Stevenson}