Israel’s Cabinet acted swiftly this morning, in the wake of the 14.3 percent devaluation of the pound sterling, to reduce the value of Israel’s pound from 3 to the dollar to 3.5, effective immediately. The move, taken at a special Cabinet meeting which convened at 7 o’clock this morning, was intended to forestall rumors and minimize the period of uncertainty as to how Israel would react to the British currency devaluation. At the same time, the Cabinet ordered a halt to all foreign exchange transactions today and tomorrow, but exempted banks at the airport and seaports where travellers from abroad may convert currency at the new rate.
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