Govt interest rates ‘outrageous’
PA Wellington The record 26.9 per cent interest rate paid by the
Government on Treasury bills was outrageous, said the Opposition spokesman on finance, Mr Bill Birch. High rates severely damaged the economy, he said. “They are the primary cause for the firming of the dollar. They are attracting capital flows from overseas. “They are also forcing
New Zealand corporates offshore to raise essential capital,” Mr Birch said.
“As this foreign capital is converted into New Zealand dollars it pushes up the value of our currency,” he said. The Government did not need to pay such “extortionate interest rates” and should review its monetary policy.
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Press, 16 August 1985, Page 24
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109Govt interest rates ‘outrageous’ Press, 16 August 1985, Page 24
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