EXCHANGE COST
TRADING BANKS' RATE REASONS FOR RISE NORMAL BUSINESS MOVEMENT [BY TELEGBAPH —PBESS WELLINGTON. Friday A statement by the Associated Banks declares that the alteration in the exchange rates on London, which caine into force to-day, is a normal business movement within the Reserve Bank's rates of buying £124 and selling £125, and is in accordance with the present export and import position. The present adjustment brings the selling rate quoted by the tradiug banks into line with that of the Reserve Bank selling rate. Previously tho trading banks were charging their customers £124 10s Zealand for £IOO sterling, although the banks had to purchase substantial amounts from the Reserve Bank at £125 New Zealand to enable them to meet ordinary trade requirements. The adjustment also increases payments by the trading banks to exporters by 10s on each £IOO sterling purchased by tho banks from thein.
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New Zealand Herald, Volume LXXV, Issue 23175, 22 October 1938, Page 12
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147EXCHANGE COST New Zealand Herald, Volume LXXV, Issue 23175, 22 October 1938, Page 12
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