Word: pesos
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...last week caught up with Mexico. Mexico's postwar hoard of $350 million in gold and foreign exchange had dwindled to $114 million. Furthermore, it was a state secret whether this was usable or whether it included the necessary backing for the nation's currency. Overnight, the peso, which for eight years had been exchangeable at 4.85 to the dollar, was cut adrift. In shops, the prices of imported goods which Mexico could no longer afford were boosted from...
...latest move to ease one of the worst financial crises in Argentine history (TIME, May 31), the dollar-short Perón government last week cut the official base value of the peso from 4 to 4.86 to the dollar. (On the black market it went...
...heritage of bankruptcy and economic dependence on the U.S. Now the Dominican Republic is strong, its external debt paid off (since July), its internal debt minuscule. Last week, Dominican banks started taking in time-worn green-inked engravings of Washington and Lincoln, replacing them with crisp Dominican peso notes bearing the likeness of local heroes...
...present, both the U.S. dollar and the Dominican peso will be legal tender, but after three months, by Dictator Rafael Leonidas Trujillo's law, the dollar may be withdrawn from general circulation. The Central Bank will have the right to control all dollar exchange. Chief advantage for Dictator Trujillo: complete control over all his country's dollar purchases...
...miners' demand for a 55-peso ($2.20) daily minimum wage had been rejected; the company's counter offer of a 15% pay rise (16?) had been turned down. A month's patient mediating by the Government had ended in failure. Last week, the coal miners of Lota stayed in their grubby little dirt-floor huts on the edge of the Pacific and the strike...