THE RESERVE BANK
DISCOUNT RATE ANNOUNCED (Per United Press Association.) WELLINGTON, July 31. The Reserve Bank announces that until further notice the minimum rate at which it is prepared to discount or rediscount bills is 4 per cent, per annum. It is explained that this rate applies only to bills which are payable in New Zealand and arc covered by section 13 of the Reserve Bank Act, 1033. Being a minimum rate, it applies only to those eligible bills which are regarded as first class. For example, a bill bearing the names of one of the other banks and of one of the principal merchant houses in New Zealand would be so regarded. The Reserve Bank’s discount rate should not ho confused with the overdraft rate of the other banks.
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Otago Daily Times, Issue 22329, 1 August 1934, Page 12
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130THE RESERVE BANK Otago Daily Times, Issue 22329, 1 August 1934, Page 12
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