Word: banke
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Dates: during 1960-1969
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Koti's cutting edge would at least reduce the bulk of bank notes Indonesians have had to lug around with them. But far more was needed to revamp the entire price-wage structure and provide incentives to restore production to decaying plantations and mines. Though the peasantry survives happily enough on bananas, breadfruit and barter, few city dwellers today can make ends meet without handouts of rice, free housing and cash from their employers...
Though less than a sixth of them are part of the Federal Reserve System, the nation's 8,988 state banks also began raising their interest rates to keep pace with the money market. Because the dollar is the chief currency of world trade, the repercussions also spread abroad. The Bank of Canada responded by raising its own basic interest rate from 4¼% to 4¾% , and two Canadian commercial banks lifted their prime rate to the 6% legal limit. In Europe, the value of the dollar strengthened in money markets...
Strengthening in Europe. The rate increase from 4% to 4½% raised the nation's basic interest cost-the Federal Reserve Banks' own charge for lending to their 6,235 commercial bank members-to the highest level in 35 years. The financial community quickly adjusted to that new bench mark. As the other ten regional Federal Reserve Banks followed the lead of the New York and Chicago banks in adopting the higher discount rate, most commercial banks boosted their own prime rates-the amount they charge top borrowers for a loan - from...
...Banque Dupont will send a classic Eversharp desk set with two pens. Dujar-din, the cognac maker, is distributing an auto distress kit complete with blinking light. NK, Sweden's leading department store, sends out an LP record called "Music from Creative Sweden," while the Skandinaviska Bank distributes great straw plant baskets containing a miniature garden of Sweden's favorite Christmas indoor plants...
...Flung Fiefdoms. Wealthy Princess Chumbhot, 56, who impishly professes to know nothing about banks except that "you keep money in them," recently presided over her first board meeting as chairman of Bangkok's new Asia Trust Bank, Ltd. Across town, Mrs. Somsri Charoenrajapark, 41, revealed plans to build a mammoth combination bowling alley, restaurant and parking garage, thus expanding her existing interests in apartment buildings, supermarkets and the rapidly rising $1,600,000 President Hotel. Mrs. Suni Telan, 44, has just announced that she intends to sell stock in a new holding company that will...