The Bureau of International Commerce of the Department of Commerce disclosed today that Israel is one of seven countries in which United States citizens may purchase local currency from the United States Embassy or Consulates at the official rate of exchange. There are no bank fees involved and the purchaser may pay in American currency, personal checks drawn on an American bank or with U.S. travellers checks.
The local funds are surplus counterpart funds acquired by the U.S. from surplus commodities sales under the Food for Peace program. All agreements made under the program now include provisions for local currency sales to tourists and businessmen where the supply of local currency exceeds the amount necessary to pay for U.S. Government activities in those countries.
The Bureau’s announcement did not disclose the extent of the currency sales except to note that the amount in 1967 exceeded the combined purchases of the previous four years. The Bureau said the currency sales “help reduce the dollar outflow.”
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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.
