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Peso Devaluation #40923

ABC Evening News for Monday, Nov 22, 1976
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(Studio) Mexican government suspends all foreign currency and gold dealings; reasons given.
REPORTER: Harry Reasoner

(El Paso, Texas) Devaluation of peso has caused many Mexicans to stop buying American goods in El Paso. Since September 1, value of Mexican currency in US down 50%. [Merchant Sal HOLLAND - says business hurt badly by lack of Mexican trade. Some sales down 80%.] To combat peso devaluation, stores lowering prices, but move has not helped.
REPORTER: Bill Redeker

(Juarez, Mexico) On other side of border, sales at record levels. Devaluation makes it cheaper for Americans to buy goods in Mexico.
REPORTER: Bill Redeker

(El Paso, Texas) [Builder, George ALVIDREZ - says merchants in El Paso really hurting.] [Businessman Lawrence LANGER - says businesses want to borrow money from government on long term, low interest rates.] Federal loan officers accessing impact of peso devaluation on cities like El Paso. Municipal services to benefit from incrd. business also; explanation given.
REPORTER: Bill Redeker

Reporter(s):
Reasoner, Harry;
Redeker, Bill
Duration:
00:02:50

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