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demonetization |
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For ordinary people, economic insecurity was made worse by the regime's arbitrary policies (the demonetization without compensation of September 1987, which wiped out ordinary people's savings and sparked the first student demonstrations in over a decade). The ongoing demonetization of Special Drawing Rights (SDR) certificates, discussed in last year's report, drained $4 billion from the supply of Fed balances. No decisions have been made, except that there will be no recall or demonetization of existing currency. |
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