FOREIGN EXCHANGE

Greymouth Evening Star, 6 September 1938, Page 2

FOREIGN EXCHANGE

MR. NASH DENIES RUMOURS. [PEE press association.] WELLINGTON, September 5. Rumours that the Government has imposed restrictions on the purchase of foreign exchange were categorically denied by Hon. W. Nash (Minister for Finance) in a statement issued tonight. Mr. Nash said it appeared to be unhappily true that rumours to this effect were being started, and circulated maliciously, with the object of damaging the Government and injuring the credit of the Dominion. It was also fairly obvious that the origin of the rumours was within New Zealand. They were then cabled -abroad —a sorry commentary on the lack of patriotism of some of our citizens. The Minister said he desired to affirm categorically that the Government had placed no restrictions whatever on the purchase of foreign exchange, nor had it requested the trading banks to restrict such dealings, “It is clear from the provisions of the Reserve Bank of New Zealand Act,” the Ministei’ added, “that the Reserve Bank has no power to refuse to sell sterling to any applicant who requires it, and the relevant provision in the act is still in full force and effect.”