EXCHANGE RATE RAISED

Taranaki Daily News, 20 January 1933, Page 7

EXCHANGE RATE RAISED

JUMP TO TWENTY-FIVE PER CENT.

BANKS’ ACTION UNDER PROTEST

NEW RATES TO OPERATE TO-DAY

By T«lw«ph.~Press Association. Wellington, Last Night. "THE Government has decided after examining all the alternative methods of relief to the general situation that it is completely satisfied the raising of the London rate of exchange to a basis of telegraphic transfers, selling at £125 in New Zealand being equal to £lOO in London is in the interests of the country,” says a statement issued by the Associated Banks tonight after a conference with the Cabinet. “The banks have strongly protested against Governmental fixation of the rate, but the Government has informed them that it must persevere in the matter. Therefore, and on the strong representations of the Government and on its full responsibility the banks are reluctantly compelled to co-operate with the Government in giving effect to its decision. ' The following rates New Zealand on London are effective on and after January 20, 1933:— Buying (basis £lOO London): Demand, £124; 30 days, £123 155.; 60 days, £123 10s.; 90 days, £123 55.; 120 days, £123. Selling (basis £lOO London): Telegraphic transfer, £125; demand, £124 17s. 6d.; 30 days, £124 155.; 60 days, £124 12s. 6d.; 90 Says, £124 10s. / For New Zealand on Australia the following rates are effective on and after January 20, 1933:— Buging (basis £lOO New Zealand): Demand, £lOO 10s. Selling (basis £lOO New Zealand): Demand, £99 15s. -