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Government Urged to Take Steps to Curb Rampant Inflation

May 23, 1972
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Bank of Israel experts warned today that inflation is still rampant in Israel and urged the government to take “swift and efficient” steps to curb it to avert grave consequences to the economy. One measure they advocated was the immediate imposition of an added value tax. The experts said that a measure adopted last night by the ministerial economic committee banning mortgages for expensive dwellings was not enough.

They said the amount of money in circulation was again on the rise and that inflationary trends were continuing at an even more rapid pace. Jeopardizing the nation’s economic achievements. The ministerial committee recommended last night that mortgage banks be prohibited from granting housing loans for homes costing more than $38,000 in Jerusalem or more than $29,000 in other cities.

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