The government of Israel and the Arab states have reached an agreement on the release of blocked Arab refugee accounts in Jewish and Arab banks. Under the agreement, arrangements will be made for Arabs on both sides of the border to draw upon blocked accounts. The transfers will be made through neutral trustee.
Israel has blocked bank accounts of Arabs who fled Palestine, while Arabs remaing in Israel were unable to draw on accounts in Arab countries. Under the provisions of the agreement reached today, Israel will release frozen Arab funds up to $280 per refugee. This well involve about $14,000,000, it was estimated.
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