Strike ’cuts reserves’
PA Wellington The “mishandling”, of the British shipping dispute had run down New Zealand’s overses reserves to an alltime low, said the Prime Minister (Mr Muldoon) yesterday. The overseas deficit Was now "up a bit” on the $5OO million at which it had been running. Because of the strike late last year New Zealand exports were not reaching their markets and this was reflected in a drop in net overseas reserves. “The import payments got
out of kilter with the export receipts but that is just an abberration that will correct itself very quickly, certainly by the end of the export season,” said Mr Muldoon. He denied that the Government had arranged a $5OO million Citibank loan because of the shipping strike. “Our reserves were run down deliberately, quite low, because the overseas loan markets were in a somewhat chaotic s'tate toward the end of last year. We didn’t have to borrow and so we didn’t borrow.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19810410.2.42
Bibliographic details
Press, 10 April 1981, Page 4
Word Count
160Strike ’cuts reserves’ Press, 10 April 1981, Page 4
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Copyright in all Footrot Flats cartoons is owned by Diogenes Designs Ltd. The National Library has been granted permission to digitise these cartoons and make them available online as part of this digitised version of the Press. You can search, browse, and print Footrot Flats cartoons for research and personal study only. Permission must be obtained from Diogenes Designs Ltd for any other use.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.
Log in