AUSTRALIAN NOTES.
CHARGE fOR CHANGING.
RATE OF 2£ PER CENT.
(By Telegraph.—Press Association.) WELLINGTON, this day. The Associated Banks nave decided to charge 2J per cent for changing Australian, notes.
Auckland hank managers said this morning that the action of the Associated Banks was apparently designed to stop an influx of Australian notes into the Dominion. This was the first time, in fixing the rates hetween the two countries, that a distinction had been made between notes and drafts. Prior to the raising of the New Zealand exchange rate from 10 to 25 per cent, the bank rate on Australian currency was 12$ per cent or 2/6 in the £. The buying rate of Australian currency that had been ruling since the raising of the exchange rate in New Zealand was £ per cent, which meant 6cl on £5, though there was a minimum of Cd on £1. The increase to 2i per cent meant that an Australian £o note would be worth £4 17/6 in New Zealand, and a £1 note 19/6.
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Bibliographic details
Auckland Star, Volume LXIV, Issue 83, 8 April 1933, Page 6
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171AUSTRALIAN NOTES. Auckland Star, Volume LXIV, Issue 83, 8 April 1933, Page 6
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