austral
- noun
- Literature
:
austral
- The "Plan BB II" devalued the austral by 57%, hiked public-sector prices by 50-70%, and increased import duties substantially.
Examples
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In mid-March 1991, new Minister of Economy Cavallo unveiled the ultimate anti-inflation shock: beginning 1 April 1991, the austral would be freely convertible into dollars.
Academic text (1991) -
During the economic crisis, many people lost their savings when their australs became nearly worthless.
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Interest rates on austral-denominated loans fell to 3% a month, down sharply from a daily rate of 3%.
Academic text (1991) -
Then came the austral and then came the they've had five currencies there.
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Current plans call for the deployment of a 60 cm telescope that will measure the 2.4 micron sky brightness and do some initial survey work as soon as the austral winter effectively begins in February 1994.
Academic text (1993) -
In mid-January 1991, yet another emergency course correction ("Erman VII") touched off a speculative frenzy during which the austral lost 50% of its value.
Academic text (1991) -
However, declining currency reserves and rumors of the complete "dollarization" of the economy (rumors which would surface repeatedly in months to come) forced a devaluation of the austral and caused inflation to zoom to 40% in December.
Academic text (1991) -
In Argentina, during 1987, the official austral used in paying for "necessary" classes of imports and servicing of foreign debt was quoted at a rate of just about half of the black market rate (1.3 australes per dollar versus 2.6 australes per dollar).
Academic text (1991) -
Moreover, the severe overvaluation of the austral, caused mainly by tight monetary policy and the hoarding of dollars by many firms to meet their payrolls and tax obligations, hampered exports.
Academic text (1991) -
During the summer of 1990, wealthy Argentines deposited an estimated $3 billion in banks in Montevideo (Uruguay), which forced a precipitous devaluation of the austral.
Academic text (1991)
Compounds
A group of small islands in southern French Polynesia in the South Pacific Ocean
Surface Forms
Etymology
Austral was used as the name of money in Argentina and comes from the same Latin root australis meaning 'south'. Because Argentina is in the southern part of the world, their currency was called the austral, so the name points to 'the south'.
