Rates similar
PA Wellington Interest rates on the money market were little changed in quiet trading yesterday. Government stock quotes were three years 16.5 per cent (16.7 per cent on Friday), five years 16.4 per cent (16.5 per cent) and 10 years 15.6 per cent (unchanged).
Dealers said the market generally regarded Friday’s speech by the Minister of Finance, Mr Douglas, as being positive.
While it had some bad news, the prime theme had been that the Government intended to stick with its
policies and to hold the deficit down.
Dealers said trading was quiet and said most investors seemed to be waiting for the $5OO million stock tender on Thursday. Prime 90-day commercial bills firmed gently to 15.8 -per cent (15.65 per cent on Friday), while on-call money eased slightly to 14.75 per cent (Friday 15 per cent). The Reserve Bank injected $25 million into the banking system by way of sellback deals secured by 7-day stock at 14.75 to 15.2 per cent. It had offered to inject $45 million.
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Bibliographic details
Press, 8 July 1986, Page 30
Word Count
171Rates similar Press, 8 July 1986, Page 30
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