Money-changing rules eased
PA Wellington Money-changing rules making it easier for tourists and residents to buy or sell “reasonable” amounts of foreign currency have been announced by the Government. Previously, foreign currency could be exchanged for New Zealand money only through organisations which had formal Reserve Bank authority. This requirement has now been removed for some retail transactions involving notes, coins, travellers’ cheques and the use of credit cards. "These can (now) be provided by any individual or company that wishes to offer the service,” the Minister of Finance, Mr Douglas, said. “This should give tourists in particular access to more currency-changing facilities and add to the availability of this useful service beyond normal business hours. “This is consistent with the Government’s desire to make New Zealand more attractive as a tourist destination.” The changes to excljiange control regulations were in line with the
general approach to the deregulation of the financial market. The regulatory framework designed to monitor large-scale foreign exchange dealing was still in place, Mr Douglas said.
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Press, 27 November 1986, Page 30
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170Money-changing rules eased Press, 27 November 1986, Page 30
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