DEVALUATION IN ISRAEL
Local Prices Increase (N.Z.P. A.-Reuter —Copyright) TEL AVIV, Feb. 11. Substantial price increases —from 10 to 35 per cent—for petrol, diesel oil, and paraffin have followed Friday’s devaluation of the Israeli currency. Experts have agreed that the success of the Government’s new financial programme depends on pegging prices. Unjustifiable increases would make it very difficult for the Government to resist demands for higher wages. The devaluation, announced by the Finance Minister (Mr Levi Eshkol) was from 1.8 Israeli pounds to the dollar to three Israeli pounds to the dollar. Economic experts interpreted the devaluation and other measures as a move to prepare Israel for the economic climate created by the European Common Market. Government experts said the reforms were bound to have beneficial results in two fields tourism and foreign investments.
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Press, Volume CI, Issue 29746, 13 February 1962, Page 16
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134DEVALUATION IN ISRAEL Press, Volume CI, Issue 29746, 13 February 1962, Page 16
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