Interest higher
(N.Z. Press Association) WELLINGTON, March 25. The news that local authority short-term interest rates will be increased from tomorrow was greeted with caution today by the president of the Municipal Association (Mr E. M. Kemp).
The new rates would help local authorities to gain shortterm loan moneys, but would also increase their costs, he said.
As long as the rates of interest offered by some groups in the private sector remained uncontrolled, local authorities would continue to have difficulty raising their full requirements. The new rates, which were announced by the Minister of Finance (Mr Muldoon) are: For one or two years, 5.2 per cent, compared with 4.8 per cent for one year and 5.15 per cent for two years previously; for three years, 5.30 per cent, compared with 5.25 per cent. The rates for money borrowed for period of four years or more remain unchanged. '
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Bibliographic details
Press, Volume CXI, Issue 32565, 26 March 1971, Page 2
Word Count
148Interest higher Press, Volume CXI, Issue 32565, 26 March 1971, Page 2
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