EXCHANGE RATES
THE COMMONWEALTH BANK FORWARD BUYING OPERATING. Press Association—By Telegraph—Copyright. SYDNEY, January 8. The Commonwealth Bank reports an unaltered rate of exchange on London on the basis of buying telegraphic transfers £125 in Australia for £IOO in London. For the first time in the history of the Commonwealth a forward buying market of exchange on London has now been established by the Commonwealth Bank. This will operate till further notice on the basis of current rates for fourteen days and five shillings per cent, less than current rates for fifteen to twenty-eight days. The current rates will be announced as usual each Friday. The object of providing the forward exchange is to meet the convenience of buyers of Australian export produce, principally wool buyers and wheat buyers.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/ESD19320109.2.82
Bibliographic details
Evening Star, Issue 20996, 9 January 1932, Page 13
Word Count
128EXCHANGE RATES Evening Star, Issue 20996, 9 January 1932, Page 13
Using This Item
Allied Press Ltd is the copyright owner for the Evening Star. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons New Zealand BY-NC-SA licence. This newspaper is not available for commercial use without the consent of Allied Press Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.