“Persistent problem”
The deficit in the balance of payments is a persistent problem facing the New Zealand Government, the Bank of New South Wales says in its latest economic “Review.”
“At the heart of the problem has been the failure to generate a trade surplus to finance thv deficit on invisibles in the current account,” says the bank. “The problem has been accentuated in recent years by the need to make heavy borrowings overseas.
“Nevertheless, indications have been hopeful that the current account position is improving. “In the 12 months to
April, exports, boosted by markedly better returns from meat, wool and manufacturers, were a record $2.3 billion.
“Even so, receipts were still s3BBm less than import payments, and the deficit on invisibles was $425m. “But the deficit on the current account was $763m in the 12 months to April, compared with one of $l.l billion in the 1975 April year.” The bank says that official overseas reserves at the end of April were s7olm, much the same as one year earlier after special I.M.F. transactions had been taken into account.
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Press, 13 July 1976, Page 22
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181“Persistent problem” Press, 13 July 1976, Page 22
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