Israeli authorities announced today that the Egyptian pound will cease to be negotiable currency in the Gaza Strip and Sinai after Feb. 16 and possession of it will be prohibited. The Israel pound will be the only legal tender. Col. Dan Hiram, coordinator of economic affairs in the occupied territories, said the measure was taken to end monetary abuses and currency speculation which have been going on at the expense of the poorest classes. The Egyptian pound has not been legal tender in Gaza and the Sinai for months but Israeli authorities have hitherto ignored the fact that it was used in local bank transactions, It was also used by Gaza merchants trading with the West Bank.
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