Devaluation
PA Wellington New Zealand devalued again last month, and by a fractionally larger amount than during most other months since regular adjustments to the dollar’s value were introduced a year ago. The total devaluation in May, as announced by the Reserve Bank, was equal to 0.5 per cent of the dollar’s value on June 30 last year when the. new system was introduced. .Devaluations in several previous months have been 0.4 per cent. Total devaluations under the new system now stand at 4.7 per cent. The statement from the Reserve Bank said: “The level of the Reserve Bank exchange rate index, stood at 95.3 at the end of May. The index, which measures the value of the New Zealand dollar in terms- of a basket of currencies of New Zealand’s main trading, partners, has a base of 100.0 at the end of June, 1979, and stood at 95.8 at the end of April.”
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Press, 7 June 1980, Page 19
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154Devaluation Press, 7 June 1980, Page 19
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