The Ministerial committee on economic affairs decided last night to reduce bank credit available to firms and individuals by IL.80 million ($23 million). The credit tightening followed a warning of inflationary tendencies by David Horowitz, Governor of the Bank of Israel. Under the new requirement, banks will have to deposit 15 percent instead of 10 percent as previously, of fixed-time deposits in the central bank for safekeeping and will have to keep 35 percent instead of 30 percent of a customer’s deposits in cash.
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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.
