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Israel’s Foreign Currency, Gold Reserves Increased by $29, 000, 000

The Israel State Bank’s foreign currency and gold reserves increased by $29, 000, 000 in 1959, totaling $124, 000, 000 by the end of the year, according to an official Bank announcement here today. The bank recorded 1959 profits of 102, 000, 000 Israeli pounds, turning over the sum to the Government Treasury.

It was announced here today that a new Government organization, designed to encourage private investments from abroad, will start operations within the next few weeks. Twelve offices will be opened by this “Third Arm” organization in as many American cities soon, and other offices will be started later this year in Europe, North Africa, South America and in the Union of South Africa.