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Il Devalued Again

A new devaluation of the Israel Pound, the second in less than a month, went into effect Tuesday night. The Pound now stands at IL 8.70 to $1. a two percent depreciation from the previous rate. The prices of basic commodities, public transportation and fuel were not affected by the latest devaluation which is intended to spur exports. Those prices rose by an average of 20 percent earlier in the month when the government sharply reduced its price support subsidies.