The Angle-Palestine Bank announced here today that it will set up an issue department for the new Israeli pound. This will in no way affect the ordinary business of the bank. Against notes to be issued, the department of the bank will hold: 1. Gold, which will be secured by the Israeli Government; 2. Notes of the British-issued Palestine currency; 3. Foreign exchange balances, mainly sterling and dollars; 4. Treasury bills and short-term securities of the state of Israel; 5. Rediscounts.
On the termination of the bank’s charter, all assets and liabilities of the issue department of the Anglo-Palestine Bank will revert to a body to be nominated by the government of Israel.
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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.
