Word: lira
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...worth (black market price: 350 to $1). The uncertainty nipped French exports; foreign buyers were all holding off for the lower prices devaluation would bring. Charles Gruere, president of the National Federation of French Exporters, called for the immediate establishment of a "free" export franc similar to the export lira in Italy (TIME, Dec. 8). France was reported ready to establish such a franc. Estimated value...
...this financial stroke, Italy hoped to 1) wipe out the domestic black market in lira, and 2) add to its store of dollars by encouraging U.S. remittances, the tourist trade and export trade to the U.S. The chances seemed excellent that Italy would accomplish both...
...force manufacturers to unload hoarded stocks, taxes were upped. To nip the credit inflation, he halved the lending power of Italian banks. To tide over small companies, the government formed the Fondo Industrie Mecaniche, a sort of RFC. In two months it has already made loans of 5 billion lira...
...this has curbed inflation to such an extent that the black-market value of the lira dropped from 640 in August to 570 last week, thus setting the stage for devaluation. Henceforth the value of the lira will be adjusted once a month according to the average free-market rate of the preceding month...
Lesson for Reds. The first results of the new devaluation program looked good. When Italy cut back the value of the lira before (last week was the third time since the liberation), domestic prices went up. Last week, they dropped. In Rome, housewives found that poultry, olive oil and sugar prices were down 20 to 50%; meat which had cost up to 900 lira a week before could be bought for under 500. Farmers, who had refused to sell their products when the lira was becoming more worthless every day, now hastened to unload as it increased in real value...