12/28/2022 0 Comments Xinhua chequebook"While we urge farmers to be cautious with their cheque books, critical productive investment is still vital," said Rolleston. New Zealand agricultural debt grew to more than 2 billion NZ dollars (1.66 billion US dollars) last year and while the drought was a big factor, farmers needed a good year "to regain some headroom." "It is a huge reminder that we do not know what is around the corner as the 2013 late summer drought proved." While I am hoping cooler heads will prevail, it is a poker match being played for the highest of stakes," said Rolleston. When it last struck during the 2008/2009 season it put a scythe through all farm budgets. "If this happens we will be looking at a Global Financial Crisis Mark II. Xinhua News Agency (English pronunciation: / n hw /), or New China News Agency, is the official state news agency of the Peoples Republic of China. 17 and without a resolution to the political impasse, the US government would default on its debt for the first time in history. In the short-term, we can possibly expect the shutdown will put a floor under the Kiwi dollar."īut the United States was expected to hit its debt ceiling on Oct. "We need to send a word of caution given events in the United States took a turn for the worse this week. "Some may be tempted to anticipate outstanding forecasts for this season by taking on debt," Rolleston said in a statement. With record prices forecast for the dairy industry and commodity prices rising across the board, farmers had cause for optimism after the country's worst drought in 70 years over the southern summer, New Zealand Federated Farmers vice-president William Rolleston said. Cheque truncation has however helped in reducing cheque clearing period from T+3 to T+1. This inter- bank settlement system is created to settle payments among banks. Investment in New Zealand's agriculture sector - the pillar of the national economy - could take a hit with the ongoing shutdown of the United States government, farmers were warned Thursday. Cheque clearing system in Nigeria involves cheque truncation for payment by the clearing house.
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