Exchange dealers announced soon

Press, 8 July 1983, Page 17

Exchange dealers announced soon

PA Wellington Government decisions on the issuing of new foreign exchange dealing licences are likely to be announced later this month, according to the deputy governor of the Reserve Bank of New Zealand, Mr R. S. Deane. Addressing a business and money conference at Macquarie University in Sydney yesterday, Mr Deane said that since applications for the licences had been called in April, the Reserve Bank had “been processing a range of applications, and it is likely that the Govern-

ment will make final decisions on approved dealers later in July. A list of successful applicants will be announced at that time.”

Excerpts from Mr Deane’s speech were released in Wellington. He said that in calling applications, the Government had not set a predetermined number of authorisations that would be granted initially.

It was made clear that approval to operate would be conditional upon the compliance of the applicant with fairly tight criteria as

regards capital adequacy, financial standing, proven management and expertise, as well as otherwise substantiating a capability to provide the proposed service.

Mr Deane added that despite the tenor of some press reports, it was not the intention at this stage to move toward New Zealand becoming an offshore foreign exchange trading centre.

“The principal immediate interest is in promoting a more competitive 'environment for domestic traders,” he said.