Price Reductions Already Apparent From Exchange Move
Reductions in prices of many imported goods are already becoming apparent since the alteration of the exchange rate between New Zealand and the United Kingdom, restoring New Zealand currency to parity with sterling.
As old stocks are gradually replaced by goods under the new exchange rate, the range of goods selling at lower prices should become much wider.
The general effect of the change in the exchange rate is that the amount of New Zealand currency importers have ( to pay for goods from overseas is reduced by onefifth, or 20 per cent, while the amount received in New Zealand currency for goods sold overseas is also reduced by one-fifth. By a recent price order, traders must reduce the price of all imported goods paid for at the new rate of exchange. All retail prices will not necessarily be reduced by the same percentage. The amount of the reduction in retail prices will vary according to a number of factors, including the rate of Customs duty applicable to each class of goods and the procedure by which the price is determined between importer, distributor and retailer.
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https://paperspast.natlib.govt.nz/newspapers/BPB19481029.2.24
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Bay of Plenty Beacon, Volume 13, Issue 13, 29 October 1948, Page 5
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192Price Reductions Already Apparent From Exchange Move Bay of Plenty Beacon, Volume 13, Issue 13, 29 October 1948, Page 5
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