EXCHANGE RATES
FORWARD BUYING MARKET IN AUSTRALIA.
FIRST TIME IN HISTORY
UP.A. t>y Elec. Tel. Copyright.; (Received Jau. 8, 10-30 p.m.) SYDNEY, Jan. 8.
Tile Commonwealth Bank reports an altered rate of exchange on London, oil the basis of: buying, telegraphic transfer, at £125 Australia for £IOO London. For the first time in the history of the Common wealth, 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 oent. less than current rates for fifteen to twentyeight days. Current rates will be announced as usual each Friday.
The object of providing for forward exchange is to meet the convenience of buyers of Australian export produce, principally wool-buyers and wheat buyers.
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Bibliographic details
Gisborne Times, Volume LXXIII, Issue 11533, 9 January 1932, Page 5
Word Count
136EXCHANGE RATES Gisborne Times, Volume LXXIII, Issue 11533, 9 January 1932, Page 5
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