The Israel Treasury announced today a boost in annual foreign travel allowances from $150 to $250 per person.
Some 35,000 Israelis travel abroad each year and the additional expenditure in foreign currency will amount to about $3,000,000. The Treasury move was expected to ease pressures on the free market for dollars and it may reduce the free price which rose to ten percent above the new legal rate of three Israeli pounds per dollar.
It was also disclosed that foreign currency held by Israeli residents in special bank accounts would continue to receive seven percent net of tax for time deposits.
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