Economic Doublespeak

February 5, 2004


These economic gems were said this week by various officials:


-The Supreme Court in rejecting the illegality of the current exchange controls:


“The Government did not impose exchange controls; it simply established policies to regulate monetary policy”


Well, in that case, it must be legal


The Head of the Exchange Control Office on the benefits of Exchange controls:


“One of the blessings of exchange controls has been the increase in monetary liquidity”


Tell that to the Central Bank that has spent billions trying to drain it.


-The Head of the Finance Committee of the National Assembly on the rumors of devaluation:


“A maxi-devaluation is not being proposed, what has been agreed on is an adjustment on the parity of the currency due to inflation”


Oh, I see, since inflation was 27% it’s a mini devaluation!


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