RATES OF EXCHANGE
A PRESSING MATTER IN SOUTH AFRICA. Cape Town, February 10. The question of rates o|J exchange is becoming' a pressing matter owing to tho diminution of gold reserves, and tho fact that it now costs 275. to bring back a sovereign to South Africa. Recently tho banks stopped credits, resulting almost in a standstill of tho export produce trade?. The banks now announce that instead of about par hitherto ruling tho buying rates/ on London ajro fixed, ranging from dj per cent, for telegraphic transfers to 7} per cent, at 120 days' sight. •' The reason given is that tho banks aro obliged to import gold coin at great cost. They appeal to the public to refrain from exchange operations outside of tho banks to enable the latter to continue financing hue trade of the country—Reuter.
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Dominion, Volume 13, Issue 119, 13 February 1920, Page 7
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138RATES OF EXCHANGE Dominion, Volume 13, Issue 119, 13 February 1920, Page 7
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