No possibility of devaluation
PA _ Wellington . The of Agriculture (Mr Maclntyre) has ruled out the possibility of devaluation of the New Zealand dollar. “I can give a categorical ‘No’ to devaluation,” he told Parliament during the Budget debate on Tuesday. He was replying to the Opposition spokesman on Agriculture/ Mr B. Barclay, who predicted that the Government would either have to bring down a significant
mini-budget or devalue before the end of the year, to finance the new guaranteed minimum price scheme for meat and wool.
Mr Barclay said there was no chance of the natural market reaching the minimum in all cases and a substantial amount of public support would be needed. However no provision had been made for this in the Budget and he said the only way the scheme could be financed would be by a mini-budget or a devaluation.
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Press, 16 June 1978, Page 10
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143No possibility of devaluation Press, 16 June 1978, Page 10
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