Freeing the Peso

Colombia, one of the most dogged advocates of government economic meddling, last week abruptly freed its long-pegged peso. Officially traded at 2 1/2 to the dollar before the freeing, the peso promptly dropped to 6 1/4. Result expected: encouragement for the producers of dollar-earning exports (chiefly coffee), discouragement of dollar-draining imports, reduction of a towering trade debt estimated at $200 million.

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