NEW YORK (Dec. 21)
A more favorable rate of exchange for the conversion of Israel dollar bonds to Israel pounds has been announced by the Israel Treasury through the American Financial and Development Corporation for Israel, underwriter for State of Israel Bonds.
The new regulations are intended to facilitate conversion to pounds for those bondholders who wish to visit Israel, to invest in Israel industries, or to contribute to philanthropic agencies in Israel. The rates set up for Israel bond conversions for these purposes are as follows:
1. For approved investments of Israel bonds in Israel industries, the rate of exchange is one Israel pound for one dollar.
2. For tourists converting their Israel bonds while in Israel, the rate of exchange is also one Israel pound for one dollar. 3. For contributions of Israel bonds to philanthropic agencies in Israel, the rate of exchange is $1.40 for one Israel pounds.
Ordinary, Israel bounds are neither transferable nor redeemable prior to May 1, 1954. However, the redemption in Israel pounds described in the Treasury regulations can take place at any time.