RATE OF EXCHANGE
AUSTRALIA AND LONDON
COMMONWEALTH BANK'S
REPORT
SYDNEY, Bth January. The Commonwealth Bank reports'an unaltered rate of 'exchange on London on the basis of buying telegraphic transfers at, £.125 Australia for £100 London.
For the first time in the history of the Commonwealth a forward buying market of exchange on London has now been established by the Commonwealth Bank. This will operate till further notice on the basis of current tates for fourteen days and 5s per cent, less than current rates for 15 to 28 days. Current rates will be announced as usual each Friday.
The.object of providing forward exchange is to meet the convenience of buyers of Australian export produce, principally wool buyers and wheat buyers.
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Bibliographic details
Evening Post, Volume CXIII, Issue 7, 9 January 1932, Page 11
Word Count
120RATE OF EXCHANGE Evening Post, Volume CXIII, Issue 7, 9 January 1932, Page 11
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