The Israeli Pound was devalued by 1.9 percent Sunday night and now stands at IL 8.98-$1. It was the second “mini-devaluation” in less than a month. The last previous devaluation took effect Dec. 22, 1976.
The U.S. dollar is now worth almost nine Pounds. It was worth six Pounds when the policy of “creeping devaluation” was instituted in June, 1976. Under this system, the Pound may be devalued up to a maximum of eight percent in any four month period without prior approval by the Cabinet.
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