Word: pesos
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Dates: during 1960-1969
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While the issue was carried to the Philippines' Supreme Court, the bank remained without a governor, and its monetary board was unable to make decisions. Exporters, anticipating the devaluation of the peso from the official rate of two to the dollar to a more realistic four to the dollar, halted shipments abroad, and kept their dollars in the U.S. until they could bring them home more profitably. The resulting trade deficit has been devastating, and foreign exchange reserves dropped to an alltime low of $100 million...
...Freed Peso. The court quarrel over the bank governorship gave Macapagal time to huddle with his advisers. Using an exhaustive World Bank report and other studies, they mapped out a five-year economic program to decontrol the country's long-stifled economy. First step: to decontrol the peso itself. Recognizing that he could not risk freeing the peso without enough dollars in hand to meet any run on the banks, Macapagal last month sent a six-man mission under Finance Minister Fernando Sison...
...necessary to "fortify our money" and deal "an annihilating blow to the counterrevolution." The move did make it more difficult for an underground to find funds to operate, but the real blow was to Cuba's people. Having mangled Cuba's economy to the point where the peso, once worth $1, became worth only 18?, Castro now ensured his people's poverty by taking over their cash savings in one swoop...
...shrugged. "Yesterday I was well off," said one. "Today I have nothing." In Cuba some people burned their money, and others spent it. Housewives packed the meager stores; Havana's tomblike luxury restaurants sprang suddenly to life. One man sat at a bar calmly lighting cigars with 20-peso bills: a shop owner stood on the sidewalk passing out money and crying: "The end of the world has come...
...popeyed delegates-many of whom were provincials on their first visit to the capital-that the Senator will devote three years' income, or $4,500,000, to election expenses if he is nominated for Vice President. In the hotel lobbies, smiling Puyat leaders reportedly passed out 100-peso bills ($50). Happy delegates carousing at the lavish Bayside nightclub had their checks picked up by Puyat's genial brother. At 3 in the morning, a Puyat lieutenant silenced the band and ordered the delegates back to their hotels to "wait for further instructions" for next day's convention...