16 March 1998
Irish devaluation "to cost farmers IR£170m"
THE revalutation of the Irish Punt is expected to cost the Republics farmers a fortune.
The European Unions Monetary Committee announced last week that the Punt would be revalued by 3%.
Tom Parlon, president of the Irish Farmers Association, said the revaluation would cost farmers I£170 million (about £138m) a year. Farm incomes would fall by 6%, he added.
The new rate will make the countrys exports – including many agricultural products – less competitive.
- The Times 16/03/98 page 48
- Financial Times 16/03/98 page 2, page 21 (Leader), page 23
- The Independent 16/03/98 page 20