EXCHANGE RATE BASIS
COLLECTION OF CUSTOMS. AN; .'ALTERATION announced. By Telegraph—Press Association. Wellington, Last Night. An important alteration concerning the basis for exchange rate conversions was announced by the Customs Minister, the Hon. W. D. Stewart, to-day. . Under the Act the Minister has power to adopt for Customs purposes in New Zealand either the mintage par rate or the banking rate of exchange for the conversion of invoice values shown in currencies other than those in force’ in New Z-aland. For some time the mintage rate of exchange has in general been adhered to, but owing to the violent fluctuations that have been taking place the Minister has decided to reintroduce the banking rate of exchange, which was in operation some years ago. Another alteration in the dollar conversion rates was made to-day by the banks. The new rates from October 5 are limited as follows: United States buying 3.96, selling 3.76, Canadian buying 4.44, ( selling 4.24.
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Bibliographic details
Taranaki Daily News, 6 October 1931, Page 9
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157EXCHANGE RATE BASIS Taranaki Daily News, 6 October 1931, Page 9
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