The Israel Treasury announced today, in a new series of currency relaxations, that foreign residents will henceforth be permitted to cash in non-negotiable bonds of Israel companies brought to Israel, In such transactions, bond owners will also receive the same 20 percent premium now granted on currency exchanges.
Tourists will be permitted to redeem such bonds at a rate of up to $2,500 monthly during the first three years of their stay but the 20 percent premium will be limited to $500 a month.
The Treasury also announced that Israel residents will be permitted to cash in $1,000 worth of bonds during a year. Public institutions may redeem all such bonds in their possession without any time restriction. Newly arrived immigrants, both temporary and permanent residents, will be allowed to cash in all bonds during their first three years in Israel.
Foreign residents who exchanged currency for pounds without getting the 20 percent premium will be permitted to re-purchase foreign currency for travel. They will therefore still benefit from the partial tax exemption now granted on tickets purchased with foreign currency.
Help ensure Jewish news remains accessible to all. Your donation to the Jewish Telegraphic Agency powers the trusted journalism that has connected Jewish communities worldwide for more than 100 years. With your help, JTA can continue to deliver vital news and insights. Donate today.
The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
