EXCHANGE UP £371,000
RESERVE BANK HOLDING HIGH TOTAL OF ADVANCES OF BILLS DISCOUNTED Suspension of the Reserve Bank's .. obligation to sell sterling exchange on t,~ demand has had its effect, according . to the; return gazetted in Wellington -r yesterday. The reserve, which had fallen in value almost without inter--ruption since August shows an increase •v of £371,175, bringing the total to £4,572,031 in New Zealand currency. -- The ratio of th& reserve to notes and " other demand liabilities has increased r ', from 29.834 per cent to 30.333 per cent. ; Advances, other than to the Marketing Department, continue to increase. There has been a rise of £680,000 in the week, bringing the total to £9,360,000. " e For the first time since it opened the bank has done business in discounting 3 ;~ bills. Under the item "discounts" in vi the' return there is shown the figure r ' £300,000 in" Treasury or local body ! bills,
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New Zealand Herald, Volume LXXV, Issue 23222, 16 December 1938, Page 12
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151EXCHANGE UP £371,000 New Zealand Herald, Volume LXXV, Issue 23222, 16 December 1938, Page 12
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