Word: dollarization
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Dates: during 1980-1989
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...election was called; to keep up, many shopkeepers now state their prices in U.S. dollars. The black market has become active as panicky Israelis look for ways to protect their savings. Last week the dealers who operate out of cafes and phone booths on Tel Aviv's Lilienblum Street drove the price for a U.S. dollar to a new high of 320 shekels, an increase of 65 in only one week and 87 more than the official rate. Says a disgusted Israeli: "People must think we have become a banana republic...
...cutting excise taxes and import duties on foreign items like autos and color TVs. The Begin government then tried to ease the pain of inflation by broadening indexation and encouraging spending. Losing confidence in the shekel, Israelis increasingly turned to the American greenback. "Our national currency is now the dollar," Ezer Weizman, Begin's former Defense Minister, who is now heading his own ticket, charged last week. "This is a disgrace...
...page survey. By any measure, the country's whites are still far better off than the nonwhite majority population. The most recent figures show that whites have the lowest infant mortality rate (13 per 1,000 births, compared with 80 per 1,000 births among blacks); for every dollar earned by a white household, an Asian family brings home 59?, "coloreds" (people of mixed race) 40? and blacks...
...strong dollar lifts the price of U.S. exports while imports sail...
...sudden explosion of the deficit? Economists cite three main, related factors: high U.S. interest rates, the strong dollar and slow growth in foreign countries that are ordinarily big customers for U.S. exports...