£N.Z. Devaluation Rumours Persist
(.Special Correspondent N.Z.P.A.) LONDON, June 4. Reports of possible New Zealand devaluation have been filtering into London newspapers.
The latest comes from the Wellington correspondent of the “Guardian,” who says the New Zealand £, which officially exchanges at par with sterling, has been losing steadily in value in unofficial dealings in recent months. “Some financial quarters
believe the Government may be forced to devalue, in spite of its strong desire to hold the exchange rate at the present official level. “New Zealand speculators are offering 1N.Z.114 for £lOO sterling, a currency which is, itself, none too stable. “Devaluation could help the Government to solve its balance-of-payments crisis and restore some stability to the economy. But clearly the Government fears that the political disadvantages outweigh the economic and is resisting the move.”
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Bibliographic details
Press, Volume CIV, Issue 30769, 5 June 1965, Page 1
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134£N.Z. Devaluation Rumours Persist Press, Volume CIV, Issue 30769, 5 June 1965, Page 1
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