Westpac: Import orders increasing

Business

WESTPAC says as import orders generally increase around Christmas each year, a number of forex orders have already been placed and the bank is making every effort to clear them quickly.
“Import orders generally increase around Christmas each year. Quite a number of orders have already been placed by our customers and we’re making every effort to ensure they are filled with minimal delay,” a bank spokesperson said.
“While inflows of foreign currency have been fairly reasonable in recent months, sourcing currency continues to be a challenge and we appreciate everyone’s patience.
“We encourage our customers to make sure they provide all required supporting documentation when placing an order, as these are given priority when currency does become available.”
Bank of South Pacific chief executive officer Robin Fleming had said earlier the overall order in the forex market had reduced recently.
He told investors when he presented Bank of South Pacific Group’s 2016 third quarter performance that some customers “except larger ones (companies) who have significant orders” would get the orders dealt with within two or three weeks.
He said it depended on the flow of some of the commodity key players. He said the medium to longer terms remained around foreign direct investments and the capacity of the Government to agree on fiscal terms with the Wafi-Golpu project, Total, InterOil and Oil Search projects.

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