RESERVE BANK

Press, Volume CIII, Issue 30588, 3 November 1964, Page 17

RESERVE BANK

Sterling Falls To £41.3m Sterling exchange reserves of the Reserve Bank fell £4.6m to £41.3m in the week to October 28, according to the bank returns. Overseas investments were steady at £19.8m. Borrowing by trading banks was £7.6m. Last week the minimum deposits with trading banks was increased by 2 per cent to 24 per cent, which meant an increase of £6m in statutory deposits. Government borrowing from the Reserve Bank fell by £2.2m to £28.5m and deposits with the bank rose £l.sm to £9.7m. Borrowing by marketing organisations fell £l.7m to £22.7m. Exchange Rates The pound maintained Its firm position last week, making further gains against the United States and Canadian dollars, the Deutsche Marke, the Swedish kroner, the Swiss franc and the Japanese yen. Telegraphic transfer exchange rates advised yesterday by the Bank of New South Wales: N.Z. on Buying Selling New York— Doi to £1 N.Z. 2.7803 2.7489 Canada— Dollar ... 2.9883 2.9500 Belgium— Francs ... 138.70 136.26 France— Francs .. 13.70 13.45 Italy— Lire 1746 1709 Netherlands— Guilders .. 10.06 9.87 West Germany— D.M. .. 11.12 10.90 Austria— Schillings . « 72.22 70.86 Denmark— Crowns 19.38 18.96 Norway— Crowns .« 20.03 19.61 Sweden— Crowns .. 14.43 14.12 Switzerland — Francs .. 12.07 11.81 Japan— Yen .. 1013 990 Pakistan— Rupee .. 13.406 13.080 South Africa— Rand .. 2.0150 1.9629 Hong Kong— Dollar ». 16.127 15.657 India— Rupee ... 13.406 13.080 Malaysia— DoUar n 6.632 8.413