EXCHANGE ALTERATION.
EXPLANATION BY BANKS NORMAL BUSINESS MOVEMENT (By Telegrapn.—press Association) WELLINGTON, Friday A statement by the Associated Banks declares that the alteration in the exchange rates on London, which came into force to-day, is a normal business movement within the Reserve Bank’s rates of buying £124 and selling £125, and is in accordance with the present export and import position. The present adjustment brings the selling rate quoted by the trading banks into line with that of the Reserve Bank selling rate. Previously the trading banks were charging their customers £124 10s New Zealand for £IOO sterling, although the banks had to purchase substantial amounts from the Reserve Bank at £125 New Zealand to enable them to meet ordinary trade requirements. The adjustment also increases payments by the trading banks to exporters by 10s on each £IOO sterling purchased by the banks from them.
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https://paperspast.natlib.govt.nz/newspapers/WT19381022.2.96
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Waikato Times, Volume 123, Issue 20635, 22 October 1938, Page 9
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145EXCHANGE ALTERATION. Waikato Times, Volume 123, Issue 20635, 22 October 1938, Page 9
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