Moyle asks for cut in loan rates
By
OLIVER RIDDELL
in Wellington
A call for rural financiers to cut their interest rates in line with the new rate of inflation has been made by the Minister of Agriculture, Mr Moyle. The latest inflation figures were good news for New Zealand farmers, Mr Moyle said. The annualised inflation rate of 3.2 per cent was comparable with or below that of several of New
Zealand’s main trading partners, and there were real prospects for even lower figures. The next objective had to be to get interest rates for export producers down in a comparable manner as soon as possible, he said. It should be clear to lenders that this new inflation scene was well and truly sustainable. Given the Government’s own reduced borrowing, lending institutions should
respond with markedly lower rates for both lenders and borrowers, whether on mortgage or overdraft, Mr Moyle said.
Another immediate result of the lower inflation trend would be further downward pressure on the value of the New Zealand dollar, which would enable exporters to start capturing the advantages of improved international commodity prices.
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Press, 20 July 1988, Page 7
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187Moyle asks for cut in loan rates Press, 20 July 1988, Page 7
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