Cash needed
Israel’s Finance Minister says his country needs JUSBOO million in emergency U.S. aid to prevent its foreign currency reserves from running out, and to head off. a run on the banks by an edgy public. “One of the reasons we need a safetynet is to advise Israelis that we are not in danger of running out of foreign currency reserves, that their savings are safe,” Yitzhak Modai said. “Israelis are very moody and emotional. Any little thing could set off a run on banks or on the dollar that could do enormous damage.” He said a recent U.S. proposal that Israel devalue its currency against the dollar would have increased public uncertainty and led to higher inflation. — Jerusalem.
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Press, 25 February 1985, Page 19
Word Count
120Cash needed Press, 25 February 1985, Page 19
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