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During a constitutional crisis, what significant change happened to the New Zealand dollar?
It was discontinued
It was pegged to the US dollar
Its colour was changed
It was devalued
Answer
During the New Zealand constitutional crisis of 1975, the New Zealand dollar was devalued by 10%. This was done to reduce the trade deficit and to make New Zealand exports more competitive. The devaluation was successful in achieving its goals, but it also caused inflation and made imports more expensive.
Master Muldoon: Exploring the Legacy of New Zealand's Longest Serving Prime Minister
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