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Israel to Allow No Foreign Currency for Shell Oil Transaction

February 7, 1958
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Finance Minister Levi Eshkol pledged in the Knesset today that no foreign currency would be transferred outside the country for the acquisition of Shell Oil interests in this country.

He made his statement in reply to questions by Pinchas Saphir, General Zionist leader, who asked whether the Israel Government was planning to participate in the acquisition of Shell interests. Mr. Saphir indicated that this was a move of doubtful value to the Israel economy since it would, in his opinion, discourage investment from abroad.

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