CANADA: The High Dollar

Ottawa's policy of minimum economic controls paid off encouragingly.

On the New York money market, the Canadian dollar climbed last week to a twelve-year high of 99.22¢ (U.S.) and some experts thought it might soon be more valuable than the U.S. dollar. Behind the rise in value was a continued heavy flow of foreign investment in booming Canada, spurred by the government's bold removal of all foreign-exchange restrictions on Dec. 14.

At Ottawa, the Dominion Bureau of Statistics reported that November's cost-of-living index was down one-tenth of a point to 191.1—the first drop since December 1949. Ottawa economists hoped that the...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!