Coin crisis averted
A crisis in New Zealand’s cash drawers has been averted by swift Reserve Bank intervention. Since the Government’s announcement last week that 1c and 2c coins were to be phased out, the bank has not been issuing or reissuing the coins. Two large retailers found they were unable to get any of the coins yesterday. The Merchants’ Association quickly made a request to the
Reserve Bank, which agreed to continue releasing the coins.
"We are grateful for the Reserve Bank’s speedy action,” said the association’s executive director, Mr Barry Purdy. “Once we pointed out the consequences of their actions they were quick to release the coins.” The withdrawals would have forced retailers to reprice their stock immediately.
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Press, 25 August 1988, Page 1
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120Coin crisis averted Press, 25 August 1988, Page 1
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