.
Friday, November 4, 1983

THE DETROIT JEWISH NEWS

31

Stampede for Foreign Currency Continues Despite Devaluation

JERUSALEM (JTA) —
Israeli investors, demon-
strating a marked lack of
confidenCe in government-
backed banks shares, re-
sumed their rush to buy
foreign currency this week
even though the price was

much higher than before
the 23 percent devaluation
of the Shekel last month.
There were long queues
at the banks where dollars
and other foreign currencies
were being sold. But money
exchangers in East

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Jerusalem said the demand
was nothing like the panic
buying before devaluation.
Nevertheless, the renewed
liquidation of bank shares
forced the government to al-
locate another $80 million
to maintain their value.
In October, the Treasury
poured $280 million in the
share market, thereby in-
creasing the overall money
supply. This is the exact op-
posite of the government's
declared policy to cool off
the economy and ease re-
cord inflation.
Investors apparently
do not believe the Treas-
ury can continue prop-
ping up bank stocks and
are switching to dollars.
There was also an angry
public reaction today to
the decision by commer-
cial banks to increase
interest on credit by 25
percent. Dan Propper, a
member of the presidium
of the Manufacturers
Association, warned that
reduced credit and
higher interest would cut
off investment in indus-
try and slow down eco-
nomic growth.
According to figures re-

N

U

Dr. Jeffrey Khabir of Mt.
Pleasant, a first-year medi-
cal resident at Wayne State
University and a graduate
of St. George's medical
school on Grenada, told the
Detroit News last week that
a Soviet Jewish student who
was his roommate was be-
aten and expelled from the
island of Grenada in 1981
for criticizing the Com-
munist government of Gre-
nada and the Cuban
presence.
Dr. • Khabir said his
roommate, an immigrant to
the U.S. was arrested and
held overnight. He returned
to their apartment the next
day, accompanied by detec-
tives.
The bloodied student took
only a few of his belongings
and was never heard from at
the school again.

Journalists are the spec-
tators of man.

eve
–ILJL1111

leased Monday by the Asso-
ciation of Chambers of
Commerce, the effective
interest on overdrafts will
go as high as 250-320 per-
cent annually. It presently
stands at 126 percent.
Overdrafts allow bank
customers to write checks in
excess of amounts in their
checking accounts, for
which privilege they are
charged a high rate of inter-
est. The chambers of corn-
merce said the business
community could not cope
with such rates and noted
that many retailers are ex-
periencing a slump in sales.
Bank sources said the
interest rates were hiked
because the predicted rate
of inflation is much higher
than previously antici-
pated. Inflation is expected

to rise by 40 percent in the largely because of the de-
last quarter of the year, valuation of the Shekel. _

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$

22

No
Carry-Out

DINNER SPECIAL — NOV. 4 THRU NOV. 10

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ENTERTAINING YOU

&tory Friday Saturday

411 ...,4\4,‘‘,

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#

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for

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No
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1