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Money Supply
Shows Increase
Jerusalem — Contrary to recent
reports, Bank of Israel monetary
indicators show a marked in-
crease in the money supply last
month, signaling that the econ-
omy may still be overheated.
The indicators will play an im-
portant role in the central bank's
decision on whether to lower in-
terest rates next month.
High interest rates have mod-
erated Israeli borrowing some-
what, although the money
supply has grown faster than the
economy.
The Ml, which measures the
amount of cash in circulation as
well as bank deposits, jumped 2.7
percent in June, after rising 1.6
percent in the previous month.
Since the beginning of the year,
the M1 expanded by 7 percent,
compared with 2 percent in the
same period last year and 5.1
percent throughout 1994.
Trade Surplus
With Japan
Jerusalem — Israel registered a
$127 million trade surplus with
Japan in the first half of the year,
after exports there rose nearly
36 percent while imports fell 6
percent.
Exports to Japan totaled
$590.4 million. Chemicals ex-
ports doubled to $64.6 million,
and prepared food exports also
doubled to $10.7 million.
Agricultural products were up
24 percent to $22 million, while
high-tech exports were up 20 per-
cent to $69.5 million.
Diamond exports were up 36
percent, totaling $400 million.
The main drop in imports
came from the decrease in the
import of Japanese cars, which
were down 21 percent to $226.5
million. Industrial machine im-
ports remained steady.
Elhanan Harel, chairman of
the Israel-Japan Chamber of
Commerce, said the number of
Israeli firms starting to market
their wares in Japan bodes well
for continued exports to the
world's No. 2 economic power.
Publicity
Deadlines
The normal deadline for local
news and publicity items is noon
Thursday, eight days prior to is-
sue date. The deadline for birth
announcements is 10 a.m. Mon-
day, four days prior to issue date;
out-of-town obituaries, 10 a.m.
Tuesday, three days prior to is-
sue date.
All material must be typewrit-
ten, double-spaced, on 8'/2x 11
paper and include the name and
daytime telephone number of
sender.
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