‘Float Aust, dollar’
(N.Z. Press Assn.—Copyright) CANBERRA, Dec. 19.
The Australian Prime Minister (Mr Whitlam) has been asked by the Associated Chambers of Manufactures of Australia to float the Australian dollar.
The president of the A.C.M.A., Mr C. R. Nichols, has requested in a letter to the Prime Minister that consideration be given to cutting the tie between the Australian and United States dollars, and to allowing the Australian currency to float against others within broad limits of 4.75 per cent above or below the central exchange rate. Mr Nichols says that, if accepted, the move would allow the exchange rate of the Australian dollar to be established by free interplay of international currency forces within specified upper and lower limits.
It would he says, also enable the Government to exercise a more direct day-to-day influence over the exchange rate of the Australian currency, instead of making periodic adjustments to its foreign exchange value because of continuous fluctuations in the exchange value of the American dollar, over which Australia has no control.
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Bibliographic details
Press, Volume CXIII, Issue 33413, 20 December 1973, Page 15
Word Count
172‘Float Aust, dollar’ Press, Volume CXIII, Issue 33413, 20 December 1973, Page 15
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