RESTRICTIONS ON REMITTANCES
TO THE EDITOR Sir, —There have been rumours that restrictions have been placed on the sale of exchange—in other words upon remittances of money abroad Mr Nash has denied the truth of these rumours, but in doing so has not been candid about the position. His denial is based on the fact that under the Reserve Bank of New Zealand Act the bank has no power to refuse to sell sterling, and that therefore the rumours cannot be true. He also says this provision is “ in full force and effect." The Minister has omitted to mention that he took powers to suspend, absolutely or subject to such conditions as he thinks fit. the power of the bank to refuse.
The correct answer to the question whether restrictions on remittances abroad has been imposed would have been, “I, as Minister of Finance have absolute power to impose restrictions, hut I have not done so. The rumours are not correct.”
Mr Nash appears to wish the public to believe that the bank has no power to refuse to remit money, and has concealed the fact that ha has pov;er to it if he wishes to do so.—l am etc., Ajax. September C
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Otago Daily Times, Issue 23599, 8 September 1938, Page 17
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203RESTRICTIONS ON REMITTANCES Otago Daily Times, Issue 23599, 8 September 1938, Page 17
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