CHANGE IN BANKS BALANCE RATIO
Announcement Made In Gazette
(New Zeaiana Press Association) WELLINGTON. April 28.
_A Gazette notice published tonight announces a change in the ratio of balance to be maintained by trading banks. This notice follows an earlier one that lowered the ratio to meet requirements at the end of the financial year when income tax commitments fell due.
The notice states that from April 29. 1960, the balance to be maintained in the Reserve Bank by each trading bank shall be such that when added to that bank’s holding of Reserve Bank notes, it shall be equal to not less than 29 per cent, on its demand liabilities in New Zealand. plus 10 per cent, of its liabilities in New Zealand as shown in the last monthly return furnished by the bank
There is an added provision that the minimum balance to be maintained shall not be less than 7 per cent, of demand liabilities plus 3 per cent, of time liabilities in New Zealand. Alloy Steel (N.Z.) — Directors recommended ,a final 10 per cent, dividend, payable June 2. ex. May 25.—(PA.)
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https://paperspast.natlib.govt.nz/newspapers/CHP19600429.2.163
Bibliographic details
Press, Volume XCIX, Issue 29191, 29 April 1960, Page 15
Word Count
185CHANGE IN BANKS BALANCE RATIO Press, Volume XCIX, Issue 29191, 29 April 1960, Page 15
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