asked the Minister for Finance the average percentage price benefit to Irish exports arising from the floating of the pound.
Ceisteanna—Questions. Oral Answers. - Floating of £.
10.
The value of approximately two-thirds of our merchandise exports, which go to the United Kingdom, remains unaffected by the floating of the £ sterling with which we are maintaining parity. As regards the remaining one-third it is not possible to assess the average percentage price effect. Since floating, the value of the £ sterling in terms of other currencies is determined by the state of supply and demand in foreign exchange markets and rates of exchange have tended to fluctuate widely and continually. It can be said, however, that floating is most unlikely to have had any effect as yet on these exports because of the delayed impact of changes in exchange rates on the terms of trade.