Devaluation by S. Vietnam
(N.Z. Press Assn —Copyright) ■ SAIGON, Feb. 5. South Vietnam has devalued the piastre for the I eleventh time in a little more than a year, in an effort to catch up with mounting inflation, and to retard the drain on fast-dwindling foreign reserves. The new rate is 575 piastres to one United States dol- i lar. Economists say that South, Vietnam has been unable to' devalue the piastre as much: as the rate of inflation, which was 65 per cent in 1973; the devaluation has totalled 19 per cent. Some experts say that devaluation itself causes more inflationary pressures, and they compare it to a dog charing its own tail. but. they add, the Government has no other choice. Devaluation at: least curbs trading on the I black market, and it also; encourages exports. South Vietnam’s foreign re- i serves have dropped to below SUSI2Sm, and the Government will have to sharply ; reduce imports in the coming year. |
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19740205.2.91
Bibliographic details
Press, Volume CXIV, Issue 33451, 5 February 1974, Page 9
Word Count
162Devaluation by S. Vietnam Press, Volume CXIV, Issue 33451, 5 February 1974, Page 9
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.