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Israel Not Affected by $ Devaluation

The announcement that the United States is prepared to devalue the dollar by a small as yet undetermined amount in order to resolve the world monetary crisis will not affect the ratio between the Israel pound and the dollar, Finance Minister Pinhas Sapir said today.

Moshe Zanbar, Governor of the Bank of Israel and Sapir agreed that no steps need to be taken to alter the value of the IL which was pegged at 4.20 to the dollar last Aug. Because of uncertainties stemming from the American announcement, Israeli banks halted trading in foreign currency for a time this morning. Trading resumed after 11 a.m. when quotations from European exchanges began coming in. The Bank of Israel did not call for a halt in transactions.

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