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DEVALUATION WOULD NOT BE OF ADVANTAGE TO ANYONE: Initiated by an inflation rate of 6.44% over a...

The business sector has been shocked by the fact that the inflation rate soared to 6.4% over a period of only 3 months this year whereas the 1992 inflation level was only 4.9% for the whole year. This high rate of inflation led to speculation concerning the possibility of devaluation, dramatic decisions in the monetary field, an increasingly Tight Money Policy, capital flight and the like.

The problem which has given even more cause for concern is the fact that the exchange rate on the US dollar has reportedly dropped in relation to the Yen and several other foreign curren

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