Word: dollarization
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Dates: during 1980-1989
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...with a foreign debt of $6.1 billion and a budget deficit of nearly $2 billion. After Labor's victory, forecast by a major preelection public-opinion poll, the Reserve Bank of New Zealand suspended nearly all trading in foreign currency to prevent a run on the New Zealand dollar (then worth U.S. 62?) by speculators anxious to get their money out of the country. Three days later Labor Party Leader David Lange (pronounced Long-ee), who will be the next Prime Minister, announced an economic package that includes a 20% currency devaluation. Lange also proposed a removal of interest...
...mighty dollar makes prices right for Americans traveling abroad...
When embarking on foreign vacations, a generation of U.S. tourists could look to the mighty dollar as a generous and supportive traveling companion. For the first two decades of the postwar years, highly favorable exchange rates made vacationing abroad, particularly in Europe, a bargain that more and more Americans could not resist. Then in the late '60s and into the '70s, the growing strength of foreign economies and a weakening dollar sent prices skyhigh, transforming the trip abroad into an expensive, even prohibitive luxury...
Silverblatt's feeling came from a dollar that this summer has hit all-time highs against nine foreign currencies, including the British pound, the French franc and the Italian lira. The surge has helped to propel American tourists abroad in ever growing numbers. Applicants at the 13 U.S. passport agencies have had to wait up to eight hours this summer just to reach the counter, and clerks have been working six-day weeks. The frantic pace should outstrip last year's, when U.S. travelers made a record 25.3 million trips abroad...
Even though the dollar's strength works tirelessly for the tourist, experts have a few tips on how to get the most for the money. They advise travelers, for example, to use credit cards rather than cash. Reason: giants like American Express buy foreign currencies at the most favorable rates before paying foreign merchants, and then pass some of the savings to cardholders when billing them in dollars for their purchases abroad. Traveler's checks also generally earn better rates than cash because they are easier and cheaper to process. In addition, tourists can gain...