PAR VALUE FOR £
Advice From IMF. (N.Z. Press Association) WELLINGTON. Oct 29. The Minister of Finance (Mr Lake) said today he had received advice from the I.M.F. that the fund’s executive board has approved a par value for New Zealand equivalent to 2.78090 United States dollars to £1 N.Z. This meant that the fund has approved the par value as proposed by the New Zealand Government. As he had previously said, it was the Government’s firm intention that on joining the fund there would be no alteration in . existing exchange rates. Adoption by the fund of a par value equivalent to 2.78090 United States dollars for £1 N.Z. means that this intention had now been realised. The Minister said that the 2.78090 was calculated by taking the mid-point between the effective buying and selling rates for sterling (N.Z.£lOO 7s 6d and £N.Z,IOI for £lOO sterling respectively) which is £lOO 13s 9d and applying that to the par value for £1 sterling, which is 2.80 United States dollars.
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Bibliographic details
Press, Volume C, Issue 29657, 30 October 1961, Page 20
Word Count
167PAR VALUE FOR £ Press, Volume C, Issue 29657, 30 October 1961, Page 20
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