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New currency exchange policy. (Israel Finance Ministry, Bank of Israel)

New Currency Exchange Policy

The Finance Ministry and the Bank of Israel have announced changes in the exchange rate policy. The change will eliminate the need for large periodic adjustments and assure a devaluation of 12 percent up to the end of 1992. The mid-point of the currency basket is being increased by 3 percent to NIS 2.6288 and the rate of the basket will be subject to a fixed gradual adjustment amounting to a compound rate of nine percent during the coming year.

The major element in the new system is a move from a horizontal axis to a slope adjusted

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