Bank buys securities
PA Wellington The Reserve Bank entered the money market yesterday to buy S3OM worth of shortdated securities from the banking system. It paid yields of 23.71 per cent to 23.96 per cent, with an average of 23.8 per cent, to buy S3OM of securities maturing on April 14. The move was part of the bank’s daily fine tuning of the short-term money market, tuning which is seen to have extra importance as the March tax take approaches. • There will be no Government stock tender in March, the Governor of the Reserve Bank, Mr Spencer Russell, said.
He confirmed his previous ’comment that enough stock had already been sold this financial year to cover the estimated flow of money from the public sector.
Mr Russell said the next stock tender was tentatively scheduled for the first half of April.
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Press, 28 February 1986, Page 16
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141Bank buys securities Press, 28 February 1986, Page 16
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