THE EXCHANGE RATE

Evening Post, Volume CXII, Issue 83, 5 October 1931, Page 8

THE EXCHANGE RATE

BASIS OF CONVERSIONS

AN IMPORTANT CHANGE

An important alteration concerning the basis of exchange rate conversions was announced to-day by the Minister of Customs (the Hon. W. Downie Stewart). Under the Customs Act the Minister has power to adopt for Customs pur•ixxim aqt Jeqip pußi«az M-&K uj easod age par rate or the banking rate of exchango for the conversion of invoice values shown in currencies other than those in force in New Zealand. For some time past the mintage rate of exchange has in general been adhered to, but owing to the. violent fluctuations that have been taking place the Minister has decided to re-introduce the banking rate of exchange, which was in operation some years ago. ' In reply to a question, the Minister stated that a notification would be "gazetted" this week cancelling previous notifications dealifg with rates of exchange and declaring that, with respect to all goods invoiced in any currency other than that in force in New Zealand, the value of such goods in New Zealand for the purposes of duty shall be. ascertained according to the banking rate of exchange in force on the date of the exportation of the goods from the country of export to New Zealand. It would be also declared that, notwithstanding tho notification, the value of such goods which were exported from the country of export to New Zealand on or before 20th September shall be ascertained as if the notification had not been issued.