An easing of foreign currency controls for Israelis traveling abroad was announced today by the Finance Ministry.
Travelers will be allowed to purchase, without permit, $100 in foreign currencies at a rate of two and one-half Israeli pound for each dollar. The basic rate of exchange is set at 1. 8 Israeli pounds to the dollar.
The free dollars may be purchased directly from owners of foreign currency, including recipients of German restitution or indemnification payments, or from banks. It is anticipated that there will be considerable latitude in both the amount of dollars which may be purchased and the price paid, depending on the available supply.
Foreign currency income for the first half of the current fiscal year stood at 44 per cent of the total year’s budget estimates, it was revealed here today. However, this was not considered too serious since the income thus far does not include foreign currency received for the citrus crop, which is shipped the latter part of the fiscal year Foreign currency expenditures exceeded expectations, reaching 53 percent of the year’s total in the first six months. Income amounted to $258,000,000, while spendings amounted to $314,000,000.
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