asked the Minister for Transport and Power why, in view of the devaluation of the dollar, there has been no corresponding reduction in transatlantic air fares.
Ceisteanna—Questions. Oral Answers. - Transatlantic Air Fares.
39.
Mr. O'Donnell
IATA international air fares are calculated in ratios based on two basic currencies, namely, the US dollar and the pound sterling. The recent devaluation of the US dollar has, therefore, necessitated the determination and application of percentage adjustments to the dollar level of fares and rates in accordance with the needs of various areas. These adjustments result in minor changes in local selling fares, the change being downwards in the case of non-devalued currencies and upwards in the case of devalued currencies.