EXCHANGE FACILITIES
FORWARD TRANSACTIONS STATEMENT BY BANK (Tur Tress Association.) WELLINGTON, this day. The Reserve Bank announces that the arrangement referred to in its Statement to the press on August 31 regarding the 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, firstly, that the relative goods have either arrived in New Zealand or have been shipped; secondly, that the importer lias, in respect of the transaction, (a) paid into an irrevocable deposit account at a trading bank in New Zealand for eventual remittance by it or otherwise or to cover the payment of the relative draft, at, or before maturity or; (b) established with his banker an. irrevocable letter of credit or; <c) paid the sight draft; or (cl» accepted a usance draft in. which case the bank may stipulate that the arrangement is conditional on the draft being paid in due course.
Tlie facilities mentioned above will be available throughout the Dominion in the course of a few days.
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Bibliographic details
Gisborne Herald, Volume LXVI, Issue 20039, 11 September 1939, Page 14
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184EXCHANGE FACILITIES Gisborne Herald, Volume LXVI, Issue 20039, 11 September 1939, Page 14
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