EXCHANGE RATE
NO STATE INTERFERENCE MATTER FOR BANKS. PREMIER’S ASSURANCE. ChristchurCii, June 13. “The Government lias not interfered with the exchange rate and does not intend to interfere,” said the Prime Minister, (the Rt. Hon. G. W. Forties) this evening. Mr Forbes has been spending the week-end at his home at Cheviot. The Prime Minister was asked what would happen to the exchange rate when the rgulations under the exchange credits pool were relaxed nt the end of June. Mr Forbes said that the present exchange rate had been fixed by the banks and presumably would still be maintained by the banks when the regulations were withdrawn. It was not the Government’s function to fix exchange rates. Mr Forbes said that when the exchange credits pool was first formed an undertaking was given that when the Government’s requirements for commitments in London were met the regulations would be withdrawn The Government was giving effect to this undertaking at the end of June.
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Bibliographic details
Hawke's Bay Tribune, Volume XXII, Issue 153, 14 June 1932, Page 9
Word Count
162EXCHANGE RATE Hawke's Bay Tribune, Volume XXII, Issue 153, 14 June 1932, Page 9
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