In a move to control the inflation in Israel the government will shortly issue savings certificates whose repayment will be guaranteed on the basis of the present dollar value of the Israeli pound, Finance Minister Eliezer Kaplan announced in Parliament last night. The announcement was made when the Minister presented his four-month budget to Parliament.
The dollar-based certificates, Mr. Kaplan revealed, will mature in eight years. Adults will be restricted to ownership of 250 pounds worth, while children will be allowed to own only 100 pounds worth. It is thus hoped to siphon off the excess currency now in circulation which is endangering the stability of the Israeli pound.
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