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C REATING

.

Bank Monetary
Policy Blasted

The Treasury blasted the Bank
of Israel's tight monetary policy,
saying it has questionable effec-
tiveness in curbing inflation and
has great potential to harm the
process of economic growth.
In her monthly economic re-
view, Treasury economic adviser
Tsipi Gal-Yam recommended
that the central bank focus on
protecting the financial markets
from short-term shocks as a
means to promote economic
growth, while allowing the basic
trend to lower inflation play itself
out.

Israel Losing
Money On Loans

The Israeli government is losing
tens of millions of dollars on the
U.S. loan guarantees, Treasury
and Bank of Israel officials told
the Knesset finance committee's
capital markets subcommittee.
Subcommittee chairman Sil-
van Shalom (Likud) scheduled
the meeting following reports that
the state comptroller was inves-
tigating the matter.
According to Mr. Shalom, the
officials invited to the committee
said $1.8 billion of the $3 billion
in guarantees which have been
received so far are not being used.
Instead, they are being treat-
ed as part of the country's foreign
currency reserves and deposited
in banks overseas, where they
earn an interest rate of about 3
percent.
Because the government is
paying 7 percent interest on the
guarantees, the net loss is tens of
millions of dollars, Mr. Shalom
said.
The Treasury would like to
make an additional $500 million
of this money available to the
banks to use for commercial
loans, but the Bank of Israel says
this is impossible unless the laws
governing liquidity requirements
are changed.
Mr. Shalom said that in light
of this, he plans to submit legis-
lation to cancel the guarantees
arrangement.

Poland Banks
On Trendline

The Kay Manheh (Trendline)
company in Tel Aviv has signed
a contract to establish informa-
tion services for the Telebank
telecommunications company in
Poland.
Telebank was established by
the Polish Banking Association
and includes the 17 largest banks
in the country. ❑

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