Israel has reacted “calmly” to the Deutschmark’s revaluation and Bank of Israel experts described its effect on the local economy as “marginal.”
Foreign transactions continued today as usual because the effect of the revaluation of the U.S. dollar, to which the Israeli pound is linked, is impossible to predict. Local experts could not determine the rate of exchange of the Israeli pound for the Deutschmark, but they estimated the costs of German imports to Israel will rise by about one half percent.
Many former German citizens who live in Israel and receive monthly reparations from Germany will now receive more Israeli pounds for their Deutschmarks. Since travel fares in Germany have become cheaper, more German tourists are expected this summer in Israel.
The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
