The Answer Is 44 p.c. More
Some people are curious as to how the 44 per cent, increase in dollar costs is arrived at on a 30 per cent, devaluation of sterling, states the Evening Post. It’s no secret. Before devaluation the conversion rate of the dollar in New Zealand was 4.03 to the £NZ. Devaluation to 2.80 dollars to the £NZ means, therefore, that where formerly £IOONZ paid for goods worth 403 dollars in the United States, now £IOONZ will provide only 280 dollars, so that to effect the same purchase the importer will require 403 over 280 multiplied by £lO0 —which equals a fraction short of £144, or 44 per cent. more.
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Greymouth Evening Star, 23 September 1949, Page 2
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114The Answer Is 44 p.c. More Greymouth Evening Star, 23 September 1949, Page 2
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