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Israel Finance Minister Denies Rumors on Devaluation of Currency

Finance Minister Pinhas Sapir declared today there was no foundation for rumors of another devaluation of Israel’s pound.

“Devaluation will not solve any problems any more than the 1962 devaluation solved any of the problems of Israel’s economy, ” he said. He also reported that the Government was preparing a new economic program aimed at reducing consumption and limiting expenditures on public construction.