Suspension of the Jarring peace talks in New York has caused the Egyptian pound to drop in value relative to the Israel pound in the Gaza Strip. Both currencies have been recognized as legal tender there since Israel occupied the Strip in the June, 1967 war. Many Gaza residents anticipated an early return of Egyptian rule when the Jarring talks began last month and started to unload their Israeli currency. Some made massive purchases of Israeli goods and other exchanged Israeli for Egyptian pounds. The latter rose in value from 5-1 to 6-1. When Israel broke off the talks on grounds of Egyptian truce violations, the old ratio of five Israeli pounds to one Egyptian pound was restored. The buying wave has also ended.
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