RECORD SLUMP IN MARK
FOREIGN CURRENCY DEMAND
THREAT BY REICHSBANK.
Australian and N.Z. CaW« Association (Reed. 7.50 p.m.) LONDON, July 20. The mark slumped to 1,450.000 to the pound sterling, a record. Germans on the Bourse made frantic efforts to buy forsicrn currency, banks presenting demands agrrccntintr 20.000 milliard, which is about £14,000,000 at yesterday's rate of exchange. • ', ,- . The director of the Reichsbank described the demands as shameful, as they represented more than the whole monetary reserves in Berlin banks. If such a demand were repeated the Boichsbank would refuse to discount purchases of foreign currenews, and thus make it impossible to buy sterling or dollars. , The Reichsbank finally granted a-quarter of 1 ■ per cent. on the day's demands for foreign cur-
rencies.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/NZH19230721.2.48
Bibliographic details
New Zealand Herald, Volume LX, Issue 18457, 21 July 1923, Page 9
Word Count
123RECORD SLUMP IN MARK New Zealand Herald, Volume LX, Issue 18457, 21 July 1923, Page 9
Using This Item
NZME is the copyright owner for the New Zealand Herald. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons New Zealand BY-NC-SA licence . This newspaper is not available for commercial use without the consent of NZME. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Auckland Libraries and NZME.