The conversion of Israel bonds into local currency has increased considerably this year, mainly because of the large influx of tourists and the increased volume of private investment, it was reported here today. A total of $13,600,000 in Israel bonds has been redeemed for Israel currency during the first half of this year as compared with a total of $9,200,000 during the same period last year.
Israel bonds purchased abroad may be exchanged for Israel currency by tourists to cover their expenses in Israel, by charitable institutions receiving bonds as contributions and by any person investing the proceeds in Israel pounds in local enterprises.
Of the total converted during the first six months of 1960, $6,700,000 were redeemed for investment purposes, while $2,500,000 were exchanged by tourists. A total of $8,800,000 worth of Israel bonds was converted during the entire year last year for investment purposes, while $2,500,000 were exchanged by tourists in 1959.
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