Word: peso
(lookup in dictionary)
(lookup stats)
Dates: during 1980-1989
Sort By: most recent first
(reverse)
...from soaring unemployment and a foreign debt of $26 billion, was in for new jolts. Last week the Philippine Central Bank raised interest rates on treasury bills from about 20% to 30%. Commercial banks immediately hiked their prime and commercial lending rates. Reflecting a dip in business confidence, the peso fell 10% against the dollar. Said Felix Maramba, chairman of the Philippine Chamber of Commerce: "Marcos' credibility is zilch...
...While it is true that the value of the peso has been cut down, it certainly has not reached '72 levels. The farmer's income, for instance, has increased by three or four times, while the price of the goods that he is buying has doubled. The same is true with labor. We do not postpone the participation of the lower classes of our people in the profits of economic enterprise, and in other countries they do postpone it. In the long run, I think our policy is better, and we stand...
...more than two years, Mexicans have endured the imposition of one austerity package after another. They have watched government food subsidies shrink, unemployment rise, the value of the peso sink (it slid to an all-time low last week of 372 to the U.S. dollar). Yet now, on top of such belt tightening, Mexico City and four coastal states need major reconstruction programs that will consume already tight reserves of capital. "It is a tremendous psychological blow," says M. Delal Baer, an expert on Mexico at Georgetown University's Center for Strategic and International Studies. "You begin to feel that...
...checkpoints, often daily, because there are more jobs and higher pay in the U.S. Merchants on the American side depend heavily on sales to Mexicans, who often find items of greater variety and higher quality than in their home cities. Lately, the strong U.S. dollar and the devalued peso have sharply cut Mexican buying power and caused havoc for some U.S. border businesses. Many American shoppers in turn have been flooding into Mexico in search of bargains...
...core of Alfonsin's program is a new national currency. The 104-year-old Argentine peso is being replaced by the austral, which at the moment is worth 1,000 old pesos or $1.25. Since the currency bears the same name as one domestic airline, whose emblem is a penguin, the austral was immediately nicknamed the "pinguino," the Spanish word for penguin. To maintain the value of the austral, the government vowed that it will no longer simply print money to cover expenses. In addition, it proclaimed a freeze on all wages and on the prices of 31 food items...