STERLING LOANS
Assurance From U.K. (N.Z. Press Association) WELLINGTON, Sept 16. The Prime Minister (Mr Hoiyoake) said tonight that the Government had received assurances from Britain that New Zealand would have continued access to the London capital market for future loans, as part of the recently announced arrangements for reserves.
Mr Hoiyoake said that the Cabinet today approved New Zealand’s part in the arrangements to stabilise sterling as a reserve currency. He announced on Friday that New Zealand would support a measure giving stability to sterling by undertaking to keep the minimum sterling content of its official external reserves at 70 per cent. The Prime Minister said that New Zealand had discussed with Britain what the London loan market might carry.
“We gave early indications of what we might require and they gave us some indication of our place in the queue,” he said.
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Bibliographic details
Press, Volume CVIII, Issue 31786, 17 September 1968, Page 1
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144STERLING LOANS Press, Volume CVIII, Issue 31786, 17 September 1968, Page 1
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