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Israel Government Increases Rate of Exchange for Citrus Exporter

The Israel Ministry of Finance has agreed to give 2.16 pounds per dollar earned by citrus exporters, thus ending the last major area in which the official rate of 1. 80 pounds per dollar was effective.

Israel shipped 9,500, 000 cases of citrus fruits abroad during the current season now ending. This represents an increase of 1, 500, 000 cases over last year, according to figures announced here today by the Citrus Marketing Board.

While the shipments exceeded last year’s, the board declared, the income, totalling $47, 500, 000, was almost the same as last year’s, due to lower citrus prices in the European markets.

Orchard owners also received lower incomes during this season, the figures showed. That net income dropped by 10, 000, 000 Israeli pounds. The growers, according to the board, had higher expenses this year, due to the severe drought, which necessitated large expenditures for irrigation of the orchards.