The Pound was devalued last night for the second time in 19 days and now stands at IL 9.93 to $1. The latest devaluation, which became effective at midnight, was by 1.8 percent. During the past three months the Pound has been reduced in value by a total of 7.9 percent.
The new rate of exchange is linked to a “basket” of foreign currencies including the dollar. The Pound Sterling is now worth IL 15.98, the Deutschmark IL 3.69, the French Franc IL 1.87 and the Swiss Franc IL 3.64. There will be no change in the price of basic commodities, however, and foreign exchange balances held in banks will be taxes at the new devaluation rate. Export incentives will be raised proportionately.
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