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BRIEFLY

October 28, 1987

Peru's Superintendency of Banks announced a 20.55% devaluation of its currency, the inti, raising the rate against the U.S. dollar to 20 from 15.89, effective from the close of business Monday. The devaluation follows a central bank move to standardize exchange rates allowed for different imports and exports. Economists said the devaluation appeared to be aimed at stimulating exports, as exporters would now get more intis for the dollars in which they are paid. They added that imports would cost more, but importers would be affected by the move because few imports are paid for at the official exchange rate.

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