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U.K. Report ‘Rubbish’ (N.Z. Press Association) WELLINGTON, June 3. A “Daily Telegraph” report that the New Zealand pound was threatened with devaluation was “rubbish,” the Prime Minister (Mr Holyoake) said today. The report, from the newspaper’s Wellington correspondent. said some financial quarters believed that the Government might be forced to devalue in spite of its strong desire to hold the exchange rate at the present level. The spokesman added that the official New Zealand-sterl-ing rate was almost par—the only difference being in the bank margin. The Minister of Finance (Mr Lake) said the report was “irresponsible and mischievous." A spokesman for a major New Zealand stockbroking firm said that the unofficial exchange rate for sterling on the Wellington market was £ll4. The rate had been at “this high level” for the last two weeks.
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Bibliographic details
Press, Volume CIV, Issue 30768, 4 June 1965, Page 13
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137VALUE OF £N.Z. Press, Volume CIV, Issue 30768, 4 June 1965, Page 13
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