asked the Minister for Finance (a) the dates on which devaluations occurred since 1922; and (b) the percentage devaluation each time.
Written Answers. - Currency Devaluations.
408.
I assume that the Deputy's question relates to the Irish pound. The Irish pound was instituted under the Currency Act, 1927 and was maintained on a one-for-one parity with the pound sterling up to end-March 1979 following the start of the European Monetary System. During this period the Irish pound moved in line with sterling against other currencies. There were two formal devaluations against the US dollar during the period, as follows:
|
(a) |
(b) |
|
September 1949 |
30½% |
|
November 1967 |
14.3% |
Since Ireland joined the EMS the Irish pound has not been devalued against its partner currencies. The German mark and Dutch guilder have, of course, been revalued against the Irish pound and other EMS currencies have been devalued against it.