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This was certified by the United States Congress on June 6, 1900. Thus, the bank continued issuing provincial currency in Puerto Rico, but was renamed El Banco de Puerto Rico or Bank of Puerto Rico. [30] The capital used by the currency was changed from peso to dollars, giving birth to the Puerto Rican dollar. [32]
On January 15, 1899, the military government changed the name of Puerto Rico to Porto Rico (U.S. Congress would later change the name back to "Puerto Rico" on May 17, 1932) and the island's currency was changed from the Puerto Rican peso to the American dollar, integrating the island's currency into the U.S. monetary system.
The history of Puerto Rico began with the settlement of the Ortoiroid people before 430 BC. At the time of Christopher Columbus's arrival in the New World in 1493, the dominant indigenous culture was that of the Taínos. The Taíno people's numbers went dangerously low during the later half of the 16th century because of new infectious diseases ...
The economy of Puerto Rico is classified as a high-income economy by the World Bank and as the most competitive economy in Latin America by the World Economic Forum. [14] [15] The main drivers of Puerto Rico's economy are manufacturing, which primarily includes pharmaceuticals, textiles, petrochemicals, and electronics; followed by the service industry, notably finance, insurance, real estate ...
In 2012, the Promotion of Export Services Act (more commonly known as "Act 20") and the Act to Promote the Relocation of Individual Investors to Puerto Rico (a.k.a. "Act 22"), which facilitated the export of services and offered significant tax exemptions to wealthy individuals that were willing to relocate to Puerto Rico respectively, were ...
A commonly used currency in the Americas is the United States dollar. [1] It is the world's largest reserve currency, [2] the resulting economic value of which benefits the U.S. at over $100 billion annually. [3] However, its position as a reserve currency damages American exporters because this increases the value of the United States dollar.
Economic History of Puerto Rico. Princeton University Press. ISBN 978-0-691-02248-2. Fernández, Ronald (1996). The Disenchanted Island: Puerto Rico and the United States in the Twentieth Century (2nd ed.). Praeger Paperback. ISBN 978-0-275-95227-3. Jiménez de Wagenheim, Olga; Wagenheim, Kal (2002). The Puerto Ricans: A Documentary History ...
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