JERUSALEM (Oct. 13)
Finance Minister Levi Eahkol today told a press conference that he thought a special Ministry to deal with the problems involved in attracting foreign investments in Israel “could be helpful.” He reported on his visit to the United States.
Mr. Eshkol predicted that the income from the Israel bond drive would reach $75,000,000 next year compared with the anticipated $50,000,000 this year. He also expressed confidence that there would be increased income from the United Jewish Appeal.
The Minister reported that Israel’s foreign currency reserves increased in the April to August period–the first five months of the current fiscal year–by $20,000,000 to reach a total of $165,000,000. He said this sum about equals one-third of Israel’s annual foreign currency expenditures. He added that Israel’s foreign debts totalled $598,000,000, including $345,000,000 in Israel Independence and Development bonds.
The Government will issue new bank notes within the next few days, to replace the ones in current use, it was reported here today. Illustrations of various local archaeological sites will appear on one side of the new notes while the reverse side will represent Israeli farmers, industrial workers, scientists and fishermen.
The old notes will be withdrawn from circulation gradually. One of the major reasons for the issuance of new notes is the periodic appearance of counterfeit bills.