FORWARD STERLING EXCHANGE
RESERVE BANK ARRANGEMENTS EASIER ACCOMMODATION [Peb United Press Association.) WELLINGTON, September 9. The Reserve Bank announces that the arrangement referred to in its statement to the Press on August 31 regarding forward exchange facilities is being extended and the position now is as follows: Trading banks are authorised to enter into forward sterling exchange arrangements in respect of payments for licensed imports provided, first, that the relative goods have either arrived in New' Zealand or have been shipped; secondly, that the importer has in respect of the transaction—(a) paid into an irrevocable deposit account at a trading bank in New Zealand for eventual remittance by telegraphic transfer or otherwise or to cover payment of the relative draft at or before maturity; (b) established with his banker an irrevocable letter of credit; (c) paid a sight draft; or (d) accepted a usance draft, in which case the bank may stipulate that the arrangement is conditional on the draft being paid in due course. Tho facilities mentioned above will be available throughout the Dominion in the course of a few days.
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Evening Star, Issue 23368, 11 September 1939, Page 11
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182FORWARD STERLING EXCHANGE Evening Star, Issue 23368, 11 September 1939, Page 11
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