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Il Devalued Again; Il 9.44=$1; Treasury Introduces Il 500 Note

The Israel Pound was devalued another 1.9 percent yesterday making it now IL 9.44 to the U.S. dollar. This was the 20th mini-devaluation since June, 1975. The continuing devaluation of the Pound is probably the cause of another innovation revealed by the Ministry of Finance yesterday, a IL 500 note. Up to now the largest bill was the IL 100 note.

The new note bears the likeness of the late Premier David Ben Gurion against the background of the college at Kibbutz Sde Boker, Ben Gurion’s kibbutz. The reverse side shows the golden gate of Jerusalem’s Old City walls facing the Mount of Olives.

Meanwhile, the Finance Ministry has indicated that it does not plan to introduce any major economic changes because it does not want to be seen as dictating to the next government. There were news reports today that the Ministry wants to increase the foreign currency allocation for Israelis traveling abroad from $450 to $750. But it was indicated this would not be done without consulting first with Likud’s economic experts.