STABLE PRICES AND TRADE PROMOTION: BANK’S TASKS
(Special) WELLINGTON, July 26. The Government’s banking legislation was introduced in the House of Representatives this afternoon. It is in charge of the Minister of Finance. Mr. S. G. Holland, and will remove the former power of the Minister of Finance to give written directions to the Reserve Bank.
This power is transferred to .the 1 ’ House of Representatives, which will act by resolution.
The Reserve Bark is being given additional responsibility. The bill provides that the bank shall endeavour to stabilise the internal price level and promote the highest degree of production, trade and employment which can be achieved by monetary action.
The bill will give greater flexibility to the requirement that there shall be a reserve of 25 per cent, of gold and sterling funds in relation to the notes and demand liabilities. The reserve in future may include other currencies as well as sterling such as dollars.
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Gisborne Herald, Volume LXXVII, Issue 23316, 27 July 1950, Page 8
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157STABLE PRICES AND TRADE PROMOTION: BANK’S TASKS Gisborne Herald, Volume LXXVII, Issue 23316, 27 July 1950, Page 8
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