Exchange rates
Sir,—ln your editorial of July 6, you mention the “high value of the New Zealand dollar” — a frequent complaint nowadays. Yet, consider official figures for earlier exchange rates (midrates). Averaging these for each calendar year and expressing New Zealand dollar value as percentage above or below parity, with, in turn, U.S. dollar, U.K. ten shillings and Australian dollar, sample rounded figures are: 1968, 11 above (equals SUSI.IIS), seven below (0.4666 pound), zero (sAustl); 1974, 38 above, 17 above, two below; 1978, three above, eight above, 10 below; 1982, 25 below, 14 below, 26 below; 1985, 50 below, 24 below, 28 below; 1987, 40 below, 28 below, 15 below. If our dollar value now hampers success, then what about 1974 to 1978, for example? I, for one, would welcome an expert article exploring in depth all relevant factors; e.g., is all our productivity sufficiently higher than elsewhere to compensate for higher ratio of cost to incomes for, say, cars (double against Australia, probably four times against U.S.A.)? — Yours, etc.,
R. B. NEVIN. July 16, 1988.
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Press, 21 July 1988, Page 12
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176Exchange rates Press, 21 July 1988, Page 12
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