‘Wrong to devalue’
PA Wellington It would be wrong to devalue the New Zealand dollar at present, said the Prime Minister yesterday. “It would be a crude weapon which would benefit not only the farmer but other exporters who do not need assistance,” Sir Robert Muldoon told Dunedin business houses. “At the same time, and over a very short period, it would penalise everyone, including the farmer, by put-
ting up his costs of production.” Sir Robert said that in a very short time “the benefit would have disappeared and there would be further clamour for another devaluation.” He said the better policy was to “target assistance to those export industries that need it, in other words, the effect of a selective devaluation rather than an across-the-board one, and a form of assistance which does not put up prices.”
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Press, 14 April 1984, Page 1
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139‘Wrong to devalue’ Press, 14 April 1984, Page 1
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