Israel’s improved financial situation was stressed today by Per Jacobson, managing director of the International Monetary Fund in an annual report on world currency conditions at the 1962 meeting here on the Fund’s board of governors.
“Israel, in January of this year, after detailed discussions with the Fund, adopted a new par value, discarding its previous system of complex multiple rates,” Mr. Jacobson reported. “It did so without requesting the financial assistance of the Fund, being confident, as developments have borne out, that its reserves would steadily increase after the new par value had been fixed.”
Israel’s monetary progress and achievements were singled out for favorable comment in light of the Fund’s desire to achieve simplicity and uniformity in exchange rates, to make the rate commensurate with actual purchase value.
Israel Finance Minister Levi Eshkol is in attendance at the world gathering which includes the boards of governors of the International Monetary Fund, the International Bank for Reconstruction and Development, International Finance Corporation, and International Development Association. Mr. Eshkol is scheduled to rake an oral report.
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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.
