Word: peso
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Dates: during 1970-1979
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With the near collapse of public faith in the peso-down from 36 to the dollar a year ago to 320 last week-Argentines have devised various strategies for financial survival. To get around the government's fixed dollar exchange rate on exports, for instance, some companies arrange for inflated invoices on imports, collect excess dollars at the lower official rate, supposedly to pay the phony bills, then cash the difference on the free market. Many shopkeepers have two sets of books-one that lists transactions at official prices and is shown to government inspectors, and another with actual...
...such sanctuaries. Like many other blue-collar workers, one factory stock clerk named Victor, 56, finds that his hard-won comforts are vanishing fast. Once his family regularly dined on beefsteaks; now, he says, "we don't know what meat looks like. We eat ravioli." His 13,000 peso monthly salary is now worth only about $40. Last year his monthly salary was just 6,000 pesos, but in purchasing power it was worth...
While the gross national product has increased-by an annual average of 7.26% in the past three years-inflation has grown far faster, reaching a staggering 40% in Manila during 1974. Real wages have probably declined for working-class urban Filipinos. The 1976 peso has shrunk to a mere 34% of its 1967 value...
Drastic Step. Rodrigo rode to his swearing-in ceremony on the subway, a gesture that turned out to be the last popular thing he did. Two days after taking office, he devalued the peso from 15 to the U.S. dollar to 30. He also took a drastic step to solve one of the country's basic economic problems: prices, controlled by the Peronists as a populist measure, had fallen so far behind wages that production was lagging. Rodrigo announced price hikes in essential goods that quickly blossomed into across-the-board increases (see chart). On the first...
...recently for $85,000-a return on the original investment of more than 9,300%. One expert estimates that a good coin collection has appreciated in value by 75% annually for the last few years. Last summer Cleveland Coin Dealer Alan Yale, an ex-stockbroker, bought Mexican gold 50-peso pieces for $173 each; today they are selling for $241 each. Even collectors of the cheapest U.S. coin may soon be able to turn a profit. If the price of copper reaches $1.51 per Ib. (it is now more than $1.43), the metal in pennies will be worth more than...