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The 1967 sterling devaluation (or 1967 sterling crisis) was a devaluation of sterling from $2.80 to $2.40 per pound on 18 November 1967. It ended a long sterling crisis that had started in 1964 with the election of Labour in the 1964 general election, [1] but originated in the balance of payments crises of the preceding Conservative government.
The UK government devalued the pound sterling in November 1967 from £1 = $2.80 to £1 = $2.40. This was not welcomed in many parts of the sterling area, and, unlike in the 1949 devaluation, many sterling area countries did not devalue their currencies at the same time. This was the beginning of the end for the sterling area.
Sterling crisis may refer to: 1931 sterling crisis, emergency measures during the Great Depression; 1949 sterling crisis, devaluation; 1967 sterling crisis, devaluation; 1976 sterling crisis, IMF loan; 1992 sterling crisis ("Black Wednesday"), depreciation
Devaluation is most often used in a situation where a currency has a defined value relative to the baseline. Historically, early currencies were typically coins, struck from gold or silver by an issuing authority, which certified the weight and purity of the precious metal. A government in need of money and short on precious metals might ...
1967 sterling devaluation; B. The Beatles in Bangor; C. Chitty Bang Bang (airship) Cogwheel Report; D. D-notice affair; K. 1967–68 Kangaroo tour of Great Britain ...
Jo Denman and Tessa Parry-Wingfield formed a close friendship after they were both diagnosed with a rare form of cancer which resulted in them each having an eye removed
At the outbreak of the Second World War in 1939, the sterling area was set up as an exchange control area for the purposes of protecting the external value of the pound sterling, principally against the US dollar. Fiji immediately joined the sterling area. When the pound sterling was devalued on 20 November 1967, Fiji immediately followed suit.
Here's how beer prices have changed over recent American history and how much a six-pack cost the year you turned 21, alongside some notable beer-related happenings. ... 1967: $1.82 ($16.70) 1968 ...