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However, at that time, inflation
was actually 10 percent, and as a
result, due to the low interest
rates, money started flowing to
the stock market.
The peace euphoria following
the signing of the Declaration of
Principles with the PLO further
fueled investments in mutual
funds, which the banks encour-
aged by offering loans for that
purpose.
This flurry of stock market in-
vestment with cheap money arti-
ficially inflated share values.
Although the central bank could
have stopped this trend by lim-
iting credit, it did nothing.
Only when it was too late did
the Bank of Israel push up rates,
as it did recently, which hastened
. the dramatic fall in the stock
market.
The now-higher interest rates
are undercutting the profitabili-
ty of the business sector and mak-
ing it difficult to devalue the
shekel to keep exports competi-
tive abroad.
Mr. Propper called on the gov-
ernment to change its tune and
to send a message that it will sup-
port economic growth by lower-
ing taxes for businesses in next
year's budget.
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Israel Ready
To 'Thai' One On
Over the past decade, Thailand
has become a favorite destination
for Israelis in both the post-army
set and their parents. Thailand's
popularity gave rise, late last
year, to a weekly Tel Aviv-
Bangkok direct flight.
A seminar on trade and in-
vestment opportunities, held re-
cently in Tel Aviv, made it clear
there are far bigger plans ahead.
The peace process has created
a more hospitable environment
for trade, which hopefully will
"turn the battlefields into a mar-
ketplace," said Ambassador Mon-
tri Jalichandra of the Royal Thai
Embassy in Rome (which in-
cludes Israel in its operations).
Mr. Jalichandra said there is
room for expansion in trade, in-
vestment and tourism, adding
that Thailand's economic success
places it "in a strategic position to
become a commercial, financial
and tourist center in Southeast
Asia."
The point was driven home by
Zvi Amit, the director-general of
the Israel Chamber of Commerce:
"Thailand's economy needs in-
vestment in infra-structure,
transport, water, energy, agri-
culture and perhaps in construc-
tion," he said.
All these, he said, represented
potential for Israeli exporters.
Mr. Amit called for joint ven-
tures to take advantage of Israeli
know-how and low-cost Thai
skilled labor. El
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