Bank deposits in Israel have increased by about $90,000,000 during the last 14 months, it was revealed this week-end in Davar, leading Israel daily and organ of the Histadrut. The paper urges that the deposits be turned over to “productive financing of industry” and other activities beneficial to the country’s development.
“Income is becoming increasingly larger than production,” the paper points out. “This constitutes a sign of inflation rather than of genuine saving, since these deposits may at any time be used to increase the demand for commodities.” Davar suggests freezing the deposits for a fixed period. This, it says, would stabilize the surplus purchasing capacity of the population.
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