NEW YORK RESERVE BANK.
NEW YORK. June 23.
The reduction of the rate of the Federal Reserve Bank of New York to 2} per cent, from 3 per cent, has been expected since the Reserve Bank began its vigorous credit expansion programme through buying United States Government securities in April. The heavy outflow of gold has tended to offset the reserve programme. With the outflow virtually ended when the Bank of France completed the transfer of her balances recently, it became feasible for the Reserve Bank to take another step toward facilitating the free flow of credit.
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Bibliographic details
Manawatu Standard, Volume LII, Issue 175, 25 June 1932, Page 7
Word Count
97NEW YORK RESERVE BANK. Manawatu Standard, Volume LII, Issue 175, 25 June 1932, Page 7
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