Word: pesos
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Manila's Western-style hotels are good, with a double room running about $13 per day without meals. The peso exchange rate is two to the dollar, though black-market rates run as high as three to the dollar. Best buys: straw sandals and native handicrafts...
...contestants compete for as much as 45,000 cruzeiros ($675); in Italy it is possible to win a fat bundle of 5,000,000 lire ($8,000); in Britain a Pakistani college girl got ?1,024 ($2,867) for her knowledge of Chaucer. Mexican viewers of The 64,000 Peso ($5,120) Question were grumbling that the sponsor was asking impossible questions to avoid paying the jackpot, but finally a textile engineer named Jaime Olvera broke the bank by identifying two of Cortez' scouts in his war with the Aztecs. Said a spokesman for the sponsor* (a shirt company...
Nearly two years after the drastic devaluation of the peso (TIME, April 26, 1954), Mexico's economy looked handsome and husky. Last week the Nacional Financiera (a government financial corporation similar to the U.S. Reconstruction Finance Corporation) reported that private investment rose a huge 40% in 1955 and is expected to increase again in 1956. Some other signs of the good times...
...dealings for businessmen under Dictator Perón. As a starter, New York's First National City Bank and Chase Manhattan Bank will set up a $30 million fund to cover payments for Argentinians for goods bought in the U.S. The move should help steady Argentina's peso, which last week hit an alltime low of 45.75 to the dollar before climbing...
...inherited from Peron. The country's best-known economist, U.N. Official Raul Prebisch, reported that government interference under Peron had crippled economic development and kept the country's average per capita income almost stationary for ten years. He recommended stripping off many controls, e.g., an artificially high peso exchange rate, and taking anti-inflationary fiscal measures. A healthy if painful readjustment is taking place...