Weaker Punt good for Irish exports

16 January 1998

Weaker Punt good for Irish exports

IRELANDS currency, the Punt, has depreciated rapidly, further improving the countrys export position.

It comes at a time when British beef farmers are facing stiff competition from Irish supplies. The countrys "deseasonalisation" premium – currently worth about £50 a male animal – is encouraging more cattle to be marketed in the early new year, says the Meat and Livestock Commissions Jane Connor.

Figures from the Irish Food Board show more than 28% of cattle slaughterings at meat export premises occurred in the first quarter of 1997, compared with just 16.7% back in 1986.

Two devaluations of the Irish green rate were triggered last week, leaving the I£ worth 0.785663ecu on Jan 9.