David Horowitz, governor of the Bank of Israel, told the Knesset (Parliament) Finance Committee yesterday that monetary difficulties in Western Europe, particularly the crisis of the French franc, have no “implications” for Israel’s economy. Mr. Horowitz’ statement confirmed opinions expressed in financial circles here last week when the devaluation of the franc and possibly of other European currencies appeared imminent.
Emergency measures taken last week to protect the Israel pound were rescinded yesterday. The Bank of Israel removed the $40 per day ceiling it had placed on currency transactions by tourists with francs or pounds sterling. Dollar exchanges were never affected and a slight drop was noted yesterday in the black market prices of dollars and gold.
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