Banks compete for $Aust
london Australian banks in London traded Australian dollars to mutually agreed rates for the last time on Friday. From today, they are trying to win back business lost to more competitive markets in New York and other commercial centres. They will set their buying and selling rates individually, but they will still be limited to some extent by the Reserve Bank. The wide spread between buying and selling rates used by the banks under their former arrangements came under criticism in London recently. Bank officials say that from today the rates will certainly become more competitive. “We’ll really have to wait and see what happens,” one bank official said today. “But we certainly expect to see a sharpening of competition.”
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Press, 3 July 1978, Page 16
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124Banks compete for $Aust Press, 3 July 1978, Page 16
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