Devaluation
Sir,—lmprudent comments by Messrs Douglas, Beetham and Jones have brought about a remarkable coup, forcing an excessive devaluation, without them actually holding power. Had they been wise enough to hold their tongues any necessary devaluation would have been much less — Yours, etc., K. LEES. July 20, 1984.
Sir,—lt would be interesting to know' how much of the $l4OO million which flowed out of the country last month and the $lOOO million which has come back since was speculators’ money which, one imagines, it is the Reserve Bank’s job to check. Be that as it may,many people have had a very nice windfall, even allowing for the costs of forward exchange. To celebrate their good fortune in living in New Zealand, the recipients might now consider re-export-ing some of their profits as donations for the relief of famine in Africa, so vividly depicted on the television news tonight. I am sure the Red Cross would co-operate. — Yours, etc., BRUCE MOON. July 19, 1984.
[The correspondent’s donation, “not an exchange gain,” is being forwarded to the Red Cross. — Editor]
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Press, 21 July 1984, Page 18
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178Devaluation Press, 21 July 1984, Page 18
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