1961 Economy & Business Events — Verified Historical Highlights
1961 Economy & Business Events — Verified Historical Highlights | TakeMeBack.to
- 01 Jan Farthing coin discontinued in the UK: The British government officially discontinued the farthing coin in 1961, marking the end of its circulation. This decision was part of a broader effort to simplify the currency system in the UK. source: britannica.com
- 10 Jan Iran land reform proposal: On January 10, 1961, the Shah of Iran proposed a land reform program aimed at redistributing land to peasants and modernizing agriculture. This initiative was part of the White Revolution, which sought to transform Iran's economy and society. source: britannica.com
- 24 Jan Large Financial Transaction: Lazard Brothers Ltd, a prominent international financial advisory and asset management firm, processed a substantial check for US$334,867,807.68.
- 03 Feb China purchases Canadian grain: On February 3, 1961, China made significant purchases of Canadian grain, marking an important moment in agricultural trade relations between the two countries. This event highlighted China's growing need for food imports during this period. source: reuters.com
- 03 Mar UK Discontinues £5 Black and White Notes: The United Kingdom ceased the legal tender status of black and white £5 banknotes, marking a transition in the country's currency design.
- 13 Mar UK £5 black and white notes cease to be legal tender: On March 13, 1961, the Bank of England withdrew the old black and white £5 notes from circulation, rendering them no longer legal tender. These notes had been in use for many years and were replaced by new designs featuring the Queen's portrait. source: britishmuseum.org
- 30 Apr Eastern Airlines Shuttle Service Launch: First shuttle flights commence between Washington DC, Boston, and New York City, introducing a new era of convenient inter-city air transportation.
- 01 May UK Legalizes Betting Shops: The Betting and Gaming Act 1960 legalized betting shops in the UK, allowing them to open from May 1, 1961. This legislation permitted betting shops to operate legally, marking a significant change in the UK's gambling landscape. source: en.wikipedia.org
- 22 Jul South Korea establishes Economic Planning Board: On July 22, 1961, South Korea established its Economic Planning Board, aimed at coordinating economic development and planning in the country. This move was part of broader efforts to modernize the South Korean economy and improve living standards following the Korean War. source: brookings.edu
- 25 Jul Ireland's first European Economic Community application: On July 31, 1961, Ireland submitted its first application to join the European Economic Community (EEC). This move aimed to enhance Ireland's economic prospects by accessing the EEC's common market. The application was submitted by Taoiseach Seán Lemass, marking a significant shift in Ireland's foreign policy towards European integration. source: oireachtas.ie
- 17 Aug Kennedy administration launches Alliance for Progress: On August 17, 1961, President John F. Kennedy announced the Alliance for Progress, aimed at establishing economic cooperation between the United States and Latin America. This initiative sought to counteract the influence of communism in the region. source: britannica.com
- 29 Sep Castro bans casino gambling in Havana: In September 1961, Fidel Castro's government closed all casinos in Havana, effectively ending the gambling industry that had been a significant part of the city's economy and culture. This move was part of broader efforts to eliminate capitalist influences following the Cuban Revolution. source: flexpub.com
- 30 Sep OECD formation: On September 30, 1961, the Organisation for Economic Co-operation and Development (OECD) was established. The OECD aimed to promote policies that improve the economic and social well-being of people around the world. source: en.wikipedia.org
- 23 Oct J. C. Van Horne Bridge Opens: The J. C. Van Horne Bridge was inaugurated, connecting New Brunswick and Quebec over the Restigouche River and improving transportation infrastructure.
- 05 Dec Kennedy supports Volta Dam project: On December 5, 1961, President John F. Kennedy expressed support for the construction of the Volta Dam in Ghana. This project was aimed at providing hydroelectric power and promoting economic development in the region. source: britannica.com
- 19 Dec UK Begins Decimal Currency Transition: The British government initiates the process of transitioning to a decimal coin system, a significant monetary reform that would be fully implemented in 1971.
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