U.S. props dollar
(N.Z.P.A.-Reuter—Copyright)
WASHINGTON, July 20. The United States supported the hard-pressed dollar in foreign exchange markets yesterday for the first time since President Nixon I suspended the convertibility of the currency into other reserve assets last August, officials disclosed today.
The Federal Reserve Bank of New York, acting for the United States central banking system, sold an unspecified sum of German marks to help prop the dollar in the face of continuing speculative pressure, a spokesman said. The move was designed to preserve the realignment of major world currencies negotiated in the United States in December.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19720721.2.93
Bibliographic details
Press, Volume CXII, Issue 32974, 21 July 1972, Page 9
Word Count
98U.S. props dollar Press, Volume CXII, Issue 32974, 21 July 1972, Page 9
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.
Log in