The Jewish Agency welcomes the Israel Government’s decision to impose a compulsory loan, an Agency spokesman said here today.
The spokesman added that the Agency was inquiring whether Agency funds also are subject to the loan, and said that the entire question would be considered at the next meeting of the Agency executive. The spokesman’s statement followed the publication in the local press of a report that the Agency had converted $1,000,000 into 720,000 Israeli pounds, after which the Treasury deducted 10 percent for the compulsory loan.
Meanwhile, the Finance Ministry reported today that more than one-third of the old money in circulation has been converted without any trouble, and that the government expects the entire currency exchange operation to be completed smoothly. It was pointed out that prices are expected to rise, but a Ministry spokesman said that the government had taken such a possibility into consideration but believed that it would be able to level off the of trend shortly.
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