Australian reserves fall
NZPA Sydney Financial observers sav that Monday’s devaluation of the Australian dollar, by 0.1 per cent, was to drive home the point that the exchange rate is being closely monitored. Speculators are, in effect, being warned that there is no prospect of a steep devaluation along the lines of the 17.5 per cent movement last November. Monday’s change in the trade-weighted index of the dollar’s value to 91.4 (May, 1970, equals 100) followed an increase to 91.5 on Friday, and a reduction from '92.5 to 91.1 on August 3. i However, it significantly (coincided with figures show-! ing a further decline of’ $49.1M to 52574 M in the reserve bank’s holdings of! j gold and foreign exchange in ■the week to August 24. j Without the S6BSM revaluation of the Reserve! Bank’s 7.5 M fine ounces of I gold earlier this month, the! gold and foreign exchange] holdings would now have] been reduced to SIB9OM or S9OM below the level reached just before the November 29 devaluation.
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Press, 31 August 1977, Page 36
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170Australian reserves fall Press, 31 August 1977, Page 36
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