Commentary

Quarterly Bulletin 1966 Q1
Published on 01 March 1966

Further progress has been made in reducing the external deficit. The balance of monetary movements was favourable in the fourth quarter of 1965. This could be consistent with a small deficit on current and long-term capital account; nevertheless it is clear that, compared with the third quarter, there was a striking improvement. However, there remains some distance to go before the underlying deficit is eliminated. Because of the need to ensure restoration of a proper external balance, and because demand at home has remained high, it has been necessary to take further steps to secure continued restraint of credit.

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