The Israel State Bank was formally opened here today at a ceremony attended by several members of the Cabinet, headed by Premier Moshe Sharett, and David Horowitz, first president of the institution.
The State Bank will eventually take over all functions of the Anglo-Palestine Bank in connection with government fiscal matters. Thus far, only one such function has been transferred–the issuance of government bank notes and other forms of currency. Other functions will be transferred during the next few months.
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