N.Z. OVERSEAS ASSETS
Lowest Point Of Year
New Zealand’s overseas reserves have now fallen to their lowest point of the year, £l3m below their year-ago leveL
Ovearseas assets of the banking system, net of liabilities, were £82.0m on November 9. according to figures supplied yesterday by the Reserve Bank. This figure is £3.5m below the figure a week earlier, and compares with £95.0m a year earlier. The lowest figure previously recorded this year was £83.1m in mid-January. The seasonal peak in net overseas assets was reached this year at the end of June, when the figure was £118.7m. The midNovember figure is thus £37m below the seasonal peak. Last year (when the seasonal peak was delayed until midSeptember) the decline by midNovember was only £lsm. In 1958 the highest point was reached in October (because of overseas borrowing), and in midNovember the total was £lom below the seasonal peak.
The run-down in reserves in 1957 was £4Bm between June and mid-November.
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Bibliographic details
Press, Volume XCIX, Issue 29367, 21 November 1960, Page 20
Word Count
161N.Z. OVERSEAS ASSETS Press, Volume XCIX, Issue 29367, 21 November 1960, Page 20
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