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New Inflationary Trend in Israel

July 22, 1971
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Currency in circulation in Israel increased by nearly 15 percent in the last six months, Treasury sources disclosed. They said the cause was mainly deficit budgeting by the government, which borrowed more than $350 million from the Bank of Israel during April, May and June. Official circles said there was no alternative to new taxes, which will remove from the economy the inflationary purchasing power put into it. Estimates are that the new taxes will be designed to secure an additional $175 million-$255 million per year.

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