No Effect From Franc Devaluation
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S - r - * (Per
^ ' ' ' ' y^BLLINGTdN, Jan, $0.' The devaluatian of the franc mgkes no differonee toy, the loan ^greemen5: made last year hptween the New Zealand and FrenclU Govenunents, for the granting of credits up to £5,000,000 sterling for t'ue purpoise of linaucing pur't-.hases of wool and other produce oi NTew Zealand during the fxve years end ing June 30, 1952. Announcing this, ;lie Acting-Alinister of Finance, Mr.
Nordjneyer, said the agreement cleariy provided that any loans granted were to be repaid in sterling or in the equivalent amount of New Zealand c-urrsncy. If, for example, France borrowed j £1,000,000 sterling if must repay £1,000,0.00 sterling whieh, at the present rate o.f exchange, wus equal to approxi ipately £l,2pQ,000 in New Zealand oui reircy. Changes in „the valne of the French frgnc will make no differencc ejther to the amount pf steding that has heen lent or %o. the amohut hf New Zealand curreney it represents, said the Minister, .
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Bibliographic details
Chronicle (Levin), 31 January 1948, Page 5
Word Count
167No Effect From Franc Devaluation Chronicle (Levin), 31 January 1948, Page 5
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