Today, for the first time since President Nixon’s economic speech Sunday night, the Bank of Israel permitted the release of documents in foreign currencies. According to the new arrangement, the client supplies his bank with guarantees that he will pay for European currencies the price that will be decided on when the trade in those currencies is renewed. In return for those guarantees, the banks are releasing the documents and importers can release their goods. Israeli banks are also selling European currencies to Israelis who travel abroad, but the Bank of Israel is not selling these currencies to the local banks. This means that banks can supply the demand only from their stock and from money exchanged by tourists in Israel. The government will discuss the economic situation at its next meeting Sunday. Meanwhile, it appears that high officials who demand the devaluation of the pound are talking about a maximum value of 4.2 per dollar, with a pound equaling 23.8 cents, compared with the current value of three and a half pounds per dollar with a pound worth 28.6 cents.
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.
