All Israel postage stamps and air letters will be withdrawn January 1 when new ones are issued following the circulation today of new Israel money. The new legal tender is based on a division of the Israel pound into 100 agorot instead of 1,000 prutot. The pruta has been the smallest unit of Israel currency since the establishment of Israel.
The new banknotes became legal tender today but will not enter circulation through the banks until next Sunday when they will progressively replace present banknotes at par value exchange. The Post Office said transitional stamps will be issued starting January 1 until completion of printing of the new stamps and air letters. Old stamps and airletters will be exchangeable for new at any post office.
The announcement of the par basis of exchange of new for old currency disposed of rumors that the currency would be devalued when the old currency was withdrawn.
ISRAEL ESTABLISHES COMMISSION TO CHECK SALE OF SECURITIES
An Israel Securities Exchange Commission of 12 bankers and finance officials was established today to examine and pass judgment on prospectuses offering securities for public sale.
Finance Minister Levi Eshkol announced appointment of the commission in response to a steady increase in sales of securities to Israel investors. The commission has no authority over Israel stock exchange operations and was set up only to protect investors from fraudulent securities claims.
The increase in securities buying followed the introduction of securities linked to the dollar or cost-of living index data which has given investors a sense of protection against inflationary or deflationary changes in the value of Israel currency. Since the first dollar-linked securities were issued four years ago. Israel firms have sold a total of 267,000,000 pounds worth of such securities.
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.
