Word: pesos
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...hard-luck Mexicans, 1987 is already a year that many would like to forget. Last week the peso crashed through the once unthinkable barrier of 1,000 to the dollar, a sharp signal of plummeting confidence in the country at home and abroad. Foreign banks have balked at extending new loans to keep the economy afloat. To make matters worse, with national elections 18 months away, the scramble to succeed President Miguel de la Madrid threatens to paralyze his government until a new President is chosen...
...years ago the exchange rate was fairly stable at 23 pesos to the dollar. Last week the peso closed at 1,009. After years of devaluations, caused in part by a soft oil market and a growing trade deficit, the latest slip in the peso did not surprise economists. And the end is not in sight: most experts believe the peso will fall to 1,800 by year's end. Three-digit inflation is expected to continue. On Feb. 1 the postal service doubled its rates overnight without warning. A majority of the 20 million-member work force reportedly earns...
...lure of fast cash is powerful in a county battered by 34% unemployment. Like other border areas, Starr depends on commerce with northern Mexico, and the peso's plummet has forced some stores to close. Yet overall retail sales are up 10%, and bank deposits have leaped 198% in five years -- a cash transfusion that Customs officials attribute to the dope flow. The new money, concedes Mayor Jose Saenz of Roma-Los Saenz, a border town of 3,700, "indirectly benefits us all." That touch of prosperity, according to Customs Agent D'Wayne Jernigan, has "created a wall of reluctance...
...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...