EXCHANGE ON LONDON.
NEW RATES IN OPERATION. CABLE TRANSFERS AT 355. A new scale of rates for exchange between New Zealand and London came into operation yesterday. The premium on telegraphic transfers has been reduced from 50 s to 35s- per cent. The former rate has been charged since August 22, 1921, when it -was reduced from 60s, the hignest rate in recent years. Until October 6, 1920, the rate was 20s, and increases were made in lW to 30s in October, 40s in November, and 50s in December, the 60s rate being introduced on January 20, 1921. A' reduction of 12s 6d has been made in the selling rates for drafts on London, while the buying rates ha,ve ..been, increased by 5s on drafts up' to 60 days, arid reduced on drafts of 90 days or later. Following are details of the new rates, those previously in force being Bhown in parentheses:— Buying. Selling. < Discount. Premium. Light .. 6s (par) 25s (37e 6d) 30 • days .. IBs flOs) 15s (27s 6d) SO' dm .. 35s (20a) Bs (17s 6tl) 80 days .. 40s (355) n»r (10s) 120 days .. 45s (555) 150 days ■. 55s (7to) 180 days .. 65s (85s) The scale that has now hcen superseded came into operation on December 8, 1920.
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Bibliographic details
New Zealand Herald, Volume LIX, Issue 18025, 25 February 1922, Page 8
Word Count
209EXCHANGE ON LONDON. New Zealand Herald, Volume LIX, Issue 18025, 25 February 1922, Page 8
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