German mark revalued
PA Frankfurt The mark was upvalued against all other currencies in the European joint float, or “snake,” yesterday, the West German central bank has announced. A bank spokesman said the mark was revalued by 2 per cent against the Dutch guilder and the Belgian-Lu-xemburg franc; by 3 per cent agginst the Norwegian and Swedish crowns; and by 6 per cent against the Danish crown. The decision was taken at a meeting in Frankfurt on Sunday of Finance Ministers and Central Bank chiefs of “snake” member-countries. Countries in the European “snake” fluctuate against each other only within narrow margins while floating together as a bloc against I the dollar and other outside currencies, including sterling- , The yen rose sharply against the dollar on the Tokyo foreign exchange | market yesterday, under the I impact of the West German (mark revaluation.
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Press, 19 October 1976, Page 13
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141German mark revalued Press, 19 October 1976, Page 13
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