P.M. tells of $100M support
PA Wellington The Government used more than $lOO million to support the New Zealand dollar against devaluation rumours in the last few days, said the Prime Minister, Sir Robert Muldoon, yesterday. But, Sir Robert told reporters, the Reserve Bank intervention to control exchange rates would eventually cost the State a very small amount in administration charges only.
“This will not cost the State anything . . . this insurance which will not be
needed.” A “bounce back” in external funds in perhaps three months would return the Government borrowing to “the same point we were at.”
Sir Robert confirmed that borrowing facilities oyer and above $45.5 million from the International Monetary Fund had been used.
“Various sums from other credit lines” were involved. “At this stage I would think hundreds of millions is probably an exaggeration. It would be more than a hundred million,” he said.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19840621.2.26
Bibliographic details
Press, 21 June 1984, Page 3
Word Count
148P.M. tells of $100M support Press, 21 June 1984, Page 3
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