T-bill tender off
PA Wellington The Reserve Bank has announced that no Treasury bills will be sold in this week’s tender, scheduled for today, as there will be a net cash withdrawal from the banking system in the coming settlement week (September 14 to 20). Major cash withdrawals over the week include stock tender and Reserve Bank bill settlements as well as payments to the Government classified as “asset sales and S.O.E. repayments.” “These substantial
negative flows more than offset forecast injections resulting from interest payments on Government debt, other general Government expenditure and the maturity of September 15 Government stock,” the bank said in a statement.
It will offset the large cash injections forecast for Wednesday and Thursday by selling short dated Treasury bills (maturing September 19 and 20) and possibly selling some late September/early October bills.
The bank said it would be operating as usual around a cash balance target of S3OM.
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Press, 13 September 1988, Page 24
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154T-bill tender off Press, 13 September 1988, Page 24
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