Israel’s Knesset (Parliament) today voted support of the Governments new economic policy, including compulsory savings, worked out as the result of Israel’s devaluation of the pound last February. The vote was 56-39.
A stormy debate preceded the adoption of the motion supporting the new policy, most of the fire being directed at the compulsory savings plan proposed by Finance Minister Levi Eshkol.
The latter staunchly defended the plan, insisting the funds derived from the forced savings will not be used for current expenditures, but will be impounded in the State bank to keep down money circulation and, thereby, prevent inflation. He told the Knesset that the savings will be refundable after three years.
JTA has documented Jewish history in real-time for over a century. Keep our journalism strong by joining us in supporting independent, award-winning reporting.
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.
