Bonds Called Vital to Cover Israel’s Currency Deficit

Ephraim Dovrot, a senior aide to Finance Minister Yigal Hurwitz, told a group of visiting American trade union representatives here that Israel covers ten percent of its foreign currency deficit with the proceeds from the sales of Israel Bonds.

“Without Israel Bonds we’d have to borrow substantial sums at high interest,” he said. The Bond drive enabled Israel “to cover the foreign exchange component in her industrial development budget, including major Negev projects, “he said. He said that despite economic difficulties, Israel was able to reduce in imports, excluding oil, by 25 percent in the first four months of this year.

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