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94 CHRYSLER LEBARON CONVERTIB

Bank Official
Salutes Economy

The Israel economy is enjoying
one of its best periods of the last
three decades, First Interna-
tional Bank managing director
Shlomo Piotrkowsky said at a
press conference.
Meanwhile, First Interna-
tional Bank chairman Yigal
Arnon confirmed that the Na-
tional Republic Bank of New
York, which is owned by Ed-
mond Safra, plans to compete
in the tender topurchase con-
trolling interest of Bank Leumi.
Mr. Arnon also represents
the Safra family, First Interna-
tional's owners.
He said Republic Bank's par-
ticipation in the tender to pur-
chase Bank Leumi does not
conflict with control of First In-
ternational Bank by Moise and
Yossef Safra, Edmond Safra's
brothers.
"Moise and Josef Safra,
through Banco De Safra, which
is situated in Brazil, control
First International Bank," Mr.
Arnon said. "Republic Bank and
Banco De Safra are two sepa-
rate banks."
Mr. Piotrkowsky said foreign
investors continue to express an
interest in investing in the Is-
rael capital market despite the
recent declines on the stock ex-
change.
"The Israeli economy is fore-
casted to continue to grow, and
hence in the long term the cap-
ital market will be positive, but
it is necessary to take care when
investing in the stock ex-
change," Mr. Piotrkowsky said.
"The market will become more
selective. Whoever wants to in-
vest will have to check and thor-
oughly examine each company.
Whoever does this correctly will
profit."
He said that although the di-
rection of the stock exchange
usually indicates the future di-
rection of the economy, the re-
cent drops on the Israel stock
exchange do not signify a
change in the economy's direc-
tion.

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Exports Rise
15 Percent

Industrial exports (excluding di-
amonds) in Israel rose 15 per-
cent in nominal terms last year,
reflecting an 18 percent rise in
volume and a 3 percent drop in
prices, the Central Bureau of
Statistics reported.
Manufacturing imports (ex-
cluding diamonds and oil) rose
9 percent, reflecting a 12 per-
cent rise in volume and a 3 per-
cent drop in prices.
The average drop in indus-
trial export prices was almost
EXPORTS page 54

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