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Israel’s Foreign Exchange Reserve Benefits from Re-evaluation of West German Mark

The upward re-evaluation of the West German mark to 27.32 American cents caused Israel’s foreign exchange market to shut down yesterday since the new value of the mark was not to be posted in European markets until today.

The bank of Israel reported that the re-evaluation has added several tens of million of dollars to Israel’s foreign exchange reserves, much of which is held in marks.

The German commercial attache, Eduard Dickman, said that West Germany has not asked for any goods to be exempted from the tariff reduction on industrial imports which the European Economic Market is about to negotiate with Israel. The ECC is expected to reduce duties on imports from Israel by 45 percent over a period of three years.