Banks set to trade
PA Wellington .Normal trading in overseas currencies should resume today, according to the Deputy Governor of the Reserve Bank (Mr D. L. Wilks). On Friday the bank suspended public dealings in all foreign currencies except United States and Australian dollars because of widespread instability in exchange rate quotations from international markets. Mr Wilks said yesterday that a decision whether to resume quotations against all main currencies would
be made “first thing" this morning. “But I hope that things will be sufficiently settled to go back to normal, and that the banks will be given permission to start trading before they start business,” he said. The decision to suspend dealings was made after chaotic trading in overseas markets on Thursday. “The United States dollar was being pulled in all directions. We could not get a firm rate, as there was no firm trend, and decided to suspend while the major overseas markets were closed.” said Mr Wilks. '
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Press, 21 August 1978, Page 1
Word Count
160Banks set to trade Press, 21 August 1978, Page 1
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