RESERVE LOSSES
Dealings In Securities
(N Z. Press Association) WELLINGTON, July 21. The Minister of Finance (Mr Lake) said today that external reserves may have been losing up to £2O million a year because of dealings in overseas securities for New Zealand currency.
In an address to economics students at Victoria University, Mr Lake said it was not possible to say accurately how much overseas exchange would be saved by the recently announced exchange control measures.
“One opinion which has been given to me, and which I would consider to be reasonably well-informed, is that external reserves have been losing up to £2O. million a year because of such dealings.” Earlier the Minister said that in present circumstances the Government would regard- use of Reserve Bank credit to finance budgetary deficits .as an “insidious form of expropriation of the people’s wealth.”
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Press, Volume CVI, Issue 31118, 22 July 1966, Page 3
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141RESERVE LOSSES Press, Volume CVI, Issue 31118, 22 July 1966, Page 3
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