On 18th November the Government announced that the par value of the pound in terms of the U.S. dollar had been reduced by one-seventh, from $2.80 to $2.40; this change in the exchange rate was made with the approval of the International Monetary Fund. The effect of the change is that values expressed in sterling now represent less than before in terms of U.S. dollars by 14.3% and values expressed in U.S. dollars represent 16.7% more than before in terms of sterling.
Commentary