On-call rates jump
PA Wellington On-call interest rates pushed out to 26 per cent on the money market yesterday, compared with 17 to 18 per cent earlier in the week. Money dealers said that settlement of last month’s Government stock tender was behind the high overnight rates. They expected rates to drop below 20 per cent next week.
To ease the pressure, the Reserve Bank offered yesterday morning to buy up to SSOM of short-dated securities. This was in contrast to its action early in the week when it sold bills.
However, the bank bought only SISM worth of securities — S3M of March bills at 18.01 per cent and SI2M of May 1986 stock at 18.16 per cent to 18.35 per cent.
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Press, 14 December 1985, Page 21
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122On-call rates jump Press, 14 December 1985, Page 21
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