Market well tap
PA Wellington Short-term and mediumterm interest rates rose sharply on the money market yesterday with prime 90-day commercial bills reaching 22.3 per cent, their highest point since April. This was up from Thursday’s 21.6 per cent.
Dealers said the market was nervous and tight, and said there was no economic data due which might put
a top on short-term rates. The high rates were based on the recent short-term liquidity squeeze continuing, they said. On-call money was at 23.1 per cent, its highest midmorning point since early in the year, and up from 21.25 per cent on Thursday. There were no Reserve Bank open market operations yesterday.
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Press, 13 December 1986, Page 29
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110Market well tap Press, 13 December 1986, Page 29
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