David Horowitz, Governor of the Bank of Israel, who left for the United States to attend the September meetings of the International Monetary Fund and World Bank in Washington, categorically denied on his departure that there would be any discussion of changes in the value of Israel’s currency during the forthcoming meetings.
He made the denial following rumors published in the London press that devaluation of the Israeli pound would be discussed at the Washington sessions. There will be no such discussions officially or unofficially, he said.
The Finance Committee of the Knesset, Israel’s Parliament, today authorized the transfer of $4, 300, 000 to the International Monetary Fund in Washington, as a step toward increasing Israel’s capital in the World Bank.
Israel’s share in the bank until now has been $7, 500, 000, and today’s transfer decision is in the direction of increasing Israel’s share to a total of $25, 000, 000. A member state’s borrowing rights and votes in the World Bank are determined by the size of its own participation in the bank’s capital structure.
Israel’s foreign currency income during the first quarter of the current fiscal year–April to June–totalled $165, 000, 000, an increase of $35, 000, 000 over the same period last year, a spokesman of the Treasury announced today. The July 1 dollar reserves showed an increase of $30, 000, 000 over the same date last year, the spokesman said.
The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
