	anz bank in n z raises indicator lending rate the australia and new zealand banking group ltd in new zealand said it will raise its indicator lending rate to pct from pct on april a bank statement said the continuing rise in the cost of funds had to be passed on to the lending customers anz managing director brian weeks said recent developments in the money markets are of deep concern to all participants market participants are understandably nervous and cautious about future developments these include flows to and from the government relating to the privatisation of seven government departments on april we welcome the flexibility evident in the reserve bank s move to raise the system cash target yesterday but feel that to reduce the present nervousness the cash target and primary liquidity level need to be raised further he said the reserve bank has raised its daily cash target to mln n z dlrs from its normal mln dlrs call rates have traded as high as pct this week because of business year end march balance date book squaring westpac banking corp in new zealand announced yesterday it would increase its indicator lending rate by percentage points to pct on april reuter 
