The transfer to Israel banks of German restitution payments made to Israeli residents totalled the equivalent of $11,500,000 in the first four months of 1957, a gain of 50 percent over the same period last year, the Treasury announced today.
The increase has been attributed to a more favorable rate of exchange between German marks and Israeli pounds allowed by the Treasury. This has induced many Israelis who withheld restitution funds to transfer them through official sources. A proposal that the Treasury make a further concession in the matter of exchange rate is being resisted by Treasury officials on the grounds that the average recipient is satisfied with the present rate.
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