Sun, 8 November 2009
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Finance & Business
Financial crisis leaves euro with new popularity
Currency volatility redraws Central Europe shopping map
As currencies struggle and soar, there is an influx of cross-border shopping trips in Central and Eastern Europe.Sharp changes in exchange rates in recent weeks are generating a massive increase in cross-border shopping trips by residents of crisis-hit Central and Eastern Europe in search of a good deal.
Towns in northern Poland have become a bargain shopping paradise for Lithuanians after the value of the Polish currency nosedived, while northern Hungary has been flooded by shoppers from new eurozone member Slovakia.
Just 30 kilometres (20 miles) from the Lithuanian border, the Polish town of Suwalki, which has a population of 70,000, is deluged throughout the week.
From the crack of dawn until it gets dark, the majority of cars occupying supermarket parking lots in town bear Lithuanian licence plates.
"I spent about 800 zlotys (176 euros, 230 dollars), for a month's worth of groceries,” says Albertas Zygmantas, a dairy employee in Mariampole, a Lithuanian town some 60 kilometres from Suwalki. “I haven't set foot in a Lithuanian supermarket since February 4, except to buy milk or bread."
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