Currency Reserves
Experience A Drop
Jerusalem — The country's for-
eign currency reserves fell in Au-
gust by $840 million, to $8.13
billion, the Bank of Israel said.
It was only the second month
this year that foreign currency
reserves have dropped. The cur-
rent total is 20 percent higher
than at the beginning of the year.
The Bank of Israel attributed
the August drop to technical fac-
tors, namely a new swap mech-
anism in which the bank makes
short-term (four-week) currency
trades with the commercial
banks. Currency reserves have
been rising because of the cen-
tral bank's high interest-rate pol-
icy. Despite projected inflation
in the mid-single digits this year,
interest rates are around 13 per-
cent. There have been concerns
that the "hot money" streaming
into the economy to capitalize on
the high rates could suddenly
change course, destabilizing the
shekel.
The currency has remained
steady at three shekels to the dol-
lar since 1993, in part due to the
high interest rates.
Tadiran Batteries
Wins Contract
Jerusalem — Tadiran Batteries
has won a contract to supply
lithium batteries for roads in
Canada. The tender was held by
Mark IV, a Canadian company
in charge of construction of
Highway 407. So far, Tadiran
has received a $3 million order
from Mark IV. Tadiran an-
nounced it is in advanced nego-
tiations to supply similar
batteries to Texas Instruments,
which is also active in construc-
tion of road networks.
Diamond Exports
Are Down
Jerusalem — Exports of pol-
ished diamonds were down six
percent last month as compared
to August of last year, totaling
$178 million, compared to $189
million in August 1994.
The year-to-date export totals
are up 14 percent, however, at
$2.538 billion, compared to
$2.220 billion in January to Au-
gust of last year. The supervi-
sor of diamonds in the Industry
and Trade Ministry, Tsafrir In-
bar, said that the drop in dia-
mond exports in August was
seasonal. It reflected heavy re-
turns last month of some 32 per-
cent. This is common in August,
Mr. Inbar said, since an excess
of diamonds are exported before
the summer vacation.
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