30 April 1998
Green Pound is revalued — official
THE Green Pound was revalued this afternoon (Thursday). The new rate is £0.677353 = 1 Ecu, European Union officials have confirmed.
This is equivalent to a revaluation of 2.574%. The new rate takes effect from Sunday, 3 May when intervention payments will be reduced to reflect the revaluation.
Area aid payments for this seasons harvest will be established on July 1.
According to the Home-Grown Cereals Authority, it is very unlikely that there will be a further revaluation before this date.