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Israel Government Urged to Adopt Basic Anti-inflationary Policy

January 4, 1966
See Original Daily Bulletin From This Date

Dr. Yeshayahu Foerder, chairman of the board of directors of Bank Leumi, Israel’s largest commercial bank, called on the Israel Government today to follow the example of the British Government in economic rehabilitation by adopting unpopular economic policies.

Dr. Foerder’s proposals include the adoption of a basic anti-inflationary policy, increasing productivity, balancing the national budget and restraining what he described as the runaway rate of economic activity.

Israel’s exports during the past year totaled $432, 000, 000 compared with $372,400, 000 in 1964 representing an increase of 16 percent, according to figures released here today by the Central Bureau of Statistics. Industrial exports increased by 13 percent and citrus products by 34 percent, the figures showed.

Israel’s private per capita consumption increased by four percent during the past year compared with a six percent increase in 1964, it was reported here today. The increase of consumption was accompanied by a slight slowdown in the growth of the nation’s gross national product which rose by nine percent compared to a ten percent increase the year before.

(Israel has launched an assault on the British Government to win trade and diplomatic concessions, the Times of London reported today. The report said that in the past few weeks, there have been unofficial hints that British exports to Israel will be scrutinized more closely and that a shipbuilding order totaling 12, 000, 000 pounds sterling ($33, 600, 000) would be held up if Israel is not given easier access to the British cotton textile market.)

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