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Israel Exhausts Triangular Reparations Credit for Year

September 8, 1953
See Original Daily Bulletin From This Date

Israel will be unable to buy any more goods from third countries with German blocked funds until the next budget year, it was learned here today.

The Israel Purchasing Mission recently obtained German approval for the acquisition, under the terms of the reparations agreement, of 1,000 tons of Malayan rubber, 50,000 tons of Turkish wheat, $400,000 worth of South American cattle hides and 20,000 cubic meters of Austrian lumber, all of which will be paid for with German export surpluses “frozen” in those countries. Such “triangular” transactions must be approved by the German-Israel Mixed Commission, however, and it is understood that no further approvals are likely in the current budget year, which ends March 31, 1954. It is the intent of the reparations agreement that the bulk of Israel orders be placed with German industry.

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