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EC currencies after the turmoil
LONDON. Sept 24 : The following shows what ha* been happening to European Community currencies in the turmoil which has rocked foreign exchange markets, report* Reuter
The British pound and Italian Ura have dropped out of the Exchange Rate Mechanism (ERM), Europe's system of semi-fixed exchange rates, while the Greek drachma has yet to Join.
Belgian franc: Closely linked to the mark, this is one of the strongest currencies in the ERM. Belgium has cut Interest rates several times to try to relieve pressure on the system.
The Luxembourg franc : Already fixed at parity to the Belgian franc in a monetary union.
Dutch guilder : Another of the strongest currencies in the system and likewise closely linked to the mark. The Netherlands has also lowered Interest rates to help ease ERM strains.
German mark : The pivot of the system, providing the anchor for other ERM currencies as governments tried to tie themselves into the tough monetary policies of the EC's largest economy.
Recent high German inter-
est rates to counter domestic Inflationary pressures pushed the mark up strongly against weaker ERM currencies, stretching the system all most to breaking point. The Bundesbank, Germany's central bank, shaved a quarter percentage point off Its main Lombard interest rate on September 14 but this failed to curb massive foreign exchange market speculation against weaker unit*.
Danish crown : Although near the top of the ERM's currency grid, the crown has come under some pressure and European central banks have been reported Interven ing periodically to lift It off its ERM floor against the mark.
French frane : Usually seen as a sound currency after 10 years of official commitment to a strong franc policy, the French currency has come under Intense attack from speculators looking for a fresh victim of Europe's currency turmoil. The Bank of France on Wednesday raised interest rates to 13 per cent from 10.5 per cent and intervened he»v Uy on foreign exchange mar kets to prop up the franc in a rare Joint statement. France and Germany pledged pnee again to defend the current
Franc-Mark exchange rate.
Irish punt : This came under attack after the British pound dropped out of the ERM. Although the government has said the punt will not be devalued, fears that the lower British pound would hit Irish exports have undermined the currency. The Bank of Ireland has intervened In currency markets to lift the punt off Its ERM floor and has also made use of Ireland's remaining foreign exchange controls to deter speculators.
Portuguese escudo Although generally regarded as a weak currency because of the problems faced by the Portuguese economy, the cs cudo. which Joined the ERM in April, has survived devaluation because of very high interest rates. But most dealers believe an eventual devaluation is inevitable.
Spanish peseta : The peseta. which also Joined the ERM In April, was devalued by five per cent within the ERM last Thursday but immediately came under fresh attack. The Bank of Spaina on Wednesday moved to deter speculators by requiring domestic banks to match loans to foreign investors by depositing an qual-sum. Interest-free, with the
central bank — effectively reintroducing exchange controls the government abolished tn February.
British pound : It dropped out of the ERM last week after two British Interest rates rises and massive central bank Intervention failed to save it It has since plunged more than eight per cent against the mark from its previous ERM floor. Britain says it wants changes in the system before tt rejoins.
Italian lira : This was devalued by seven per cent on September 13 but continued to weaken and was forced to bak- out of the ERM temporarily last week. Interest rate rises and heavy intervention were not enough to prop up the currency. It has since fallen sharply against the mark and Italy was unable to stick to Its original plan of returning to the ERM on Tuesday.
Greek drachma : Greece has pegged the drachma to the mark in preparation for Its entry into the ERM In late 1993. Despite fears of a deval uation, the drachma has held up. protected by Greece* rigid currency controls. On Friday Greece raised interest rates on central bank overdrafts to deter sfJcculators.