The UK’s export credit agency UK Export Finance (UKEF) has increased its support for international currencies to help UK exporters compete for major overseas contracts.
UK exporters can now offer their overseas buyers UKEF-backed finance in 62 pre-approved currencies in addition to pound sterling – as compared to fewer than 15 available in 2010.
A portion of these new currencies will only be approved on a case-by-case basis.
UK minister for investment Graham Stuart comments on the news: “By giving UK exporters the flexibility to offer government-backed finance to their international customers in the currency of their choice, we are increasing the appeal of sourcing from the UK. This world-leading offer from UKEF gives buyers all over the world – from Bulgaria to Vietnam – the ability to ‘buy British, pay local.’”
The announcement follows the expansion of UKEF’s local currency offering to 43 currencies following the 2016 Autumn Statement.
The full list of additional currencies is:
Sri Lankan rupee*
New Taiwan dollar
Trinidad & Tobago dollar
*Support will be approved on a case-by-case basis.