"BLACK" EXCHANGE
EVIDENCE OF STIFFENING MARKET A CITY FIRM'S EXPERIENCE (Pjsh United Press Association) CHRISTCHURCH, Aug. 14. New Zealanders with overseas funds or incomes at their disposal are receiving from 5 per cent, to 12 per cent, more for their money by selling it at a premium to local' brokers, who in turn pass on the funds to importers. There is evidence that this so-called "black" market is stiffening. The rates at the beginning of the year were about 5 per cent, over and above the New Zealand standard exchange of 25 per cent., but since then the premium has risen to at least 12 per cent in SOITIG C3SGS One city firm which wanted £2OO sterling to.meet an English order, had to pay in, New Zealand currency for accommodation. Rather than see their business suffer, the principals of the firm were glad to pay the extra amount. As more and more people have discovered this way of making their overseas incomes larger, exchange of foreign for New Zealand funds has grown to large proportions. The most common fates for small amounts ranging up to £IOO English is £132 10s in New Zealand currency. Importers wanting funds additional to those which they have been able to get from the banks have been quick to grasp the opportunity.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/ODT19390815.2.94
Bibliographic details
Otago Daily Times, Issue 23887, 15 August 1939, Page 9
Word Count
217"BLACK" EXCHANGE Otago Daily Times, Issue 23887, 15 August 1939, Page 9
Using This Item
Allied Press Ltd is the copyright owner for the Otago Daily Times. 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 Allied Press Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in