Cash not needed
PA Wellington The Reserve Bank offered yesterday to pump S7SM back into the banking system, but the banks were not interested.
As part of its short term liquidity management policy, the bank offered to buy up to S7SM of shortterm securities.
It succeeded in buying only S6M worth of May stock at a range of 20.41 per cent to 21.02 per cent.
Dealers said the bank’s offer was made as part of its policy of keeping liquidity reasonably loose ahead of the March tax take, but it appeared the banks did not need the cash.
The Reserve Bank later said that today’s Treasury bill tender will be for SIOOM, with two maturities.
There will be SSOM of seven day bills and SSOM of 49-day bills.
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Press, 28 January 1986, Page 22
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128Cash not needed Press, 28 January 1986, Page 22
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