The Israel Treasury has decided to abolish the requirement that all foreigners must declare their holdings of currency on arrival, it was reported today. The move was expected to ease a burden for tourists. The decision will be implemented within a few weeks after technical arrangements have been completed.
A considerable expansion in Israel’s agriculture and industry was indicated today by the Israel State Bank summarizing the main economic developments in the first six months of 1959. Between January and September, the foreign currency balance rose by 91,000,000 pounds as compared to a rise of 37,000,000 pounds in the same period in 1958, the bank reported.
The bank cited higher incomes, an increase in consumption and employment and a 12 percent drop in joblessness. It reported that income in salaries rose more than six per cent, exports expanded rapidly and the foreign trade deficit declined by $18,000,000.
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