‘Rates too low’
PA Wellington The Reserve Bank offered to inject $l5 million into the money market yesterday but did not accept any bids because the interest rates offered were too low, a spokesman said yesterday.
The highest yield bid was 21.5 per cent, and interest rates ranged down from that. A total of $26 million was bid for Government Stock maturing on March 15, and $4.9
million was bid for treasury bills maturing on March 16. “Current market rates have been moving upwards over the last few days, and bids that would have been acceptable a short while ago were now too low,” a spokesman for the Bank said. Call deposit interest rates (overnight money) reached 29.65 per cent, and 90 day commercial bills were fixed at 24.75 per cent
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Press, 4 February 1987, Page 38
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131‘Rates too low’ Press, 4 February 1987, Page 38
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