PERU: 28

PERU

28¢ Sol

In a quiet suite of rooms on the ground floor of the Reserve Bank of Peru at Lima, Dr. Edwin Walter Kemmerer, Princeton's world-famed fiscal expert, has worked calmly through the last three major Peruvian revolutions, all successful (TIME, March 9, 16). Last week slight, grey-haired, bespectacled Dr. Kemmerer emerged with a finished report on the Peruvian sol, told Peru's latest Government that they had better stabilize it on a gold basis at its present value 28¢. Within a few hours the Government issued the necessary decree.

Only two months and...

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