Daily cash target cut
PA Wellington The Reserve Ba'rikj has cut the daily cash balance target back to $3O {million from $4O million. |l ■ The daily cash balance is cash left in settlement accounts at the Reserve Bank by a number of registered banks and is a key element in ] the Reserve Bank’s liquidity management operations. The target was] in-
creased to $4O million on' February ;26 to allow for expected large payments' to the Government by State-owned ; Enterprises and the March tax pay] ments. J | i These, {seasonal pres- 1 sures on liquidity had now passed and the Bank was confident : that payments] to the Government over the rest of March could be handled without diffi-
culty through the daily open market operations, the Reserve ißank s Governor, Mr Spencer Russell, said. Il I {.. Neither the earlier increase in the cash] balance target] nor [yesterday’s decrease [ I [were, meant to 11 imply J any change in the underlying stance of monetary policy, Mr Russell said in a statement, J| |-|P! [
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19880323.2.150.2
Bibliographic details
Press, 23 March 1988, Page 35
Word Count
171Daily cash target cut Press, 23 March 1988, Page 35
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Copyright in all Footrot Flats cartoons is owned by Diogenes Designs Ltd. The National Library has been granted permission to digitise these cartoons and make them available online as part of this digitised version of the Press. You can search, browse, and print Footrot Flats cartoons for research and personal study only. Permission must be obtained from Diogenes Designs Ltd for any other use.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.
Log in