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!