WE HIE
fl1.111MYS
BUYING
suERCOINS
Bank Of Israel
Raises Rates
Jerusalem (JPFS) — The Bank
of Israel announced it is raising
its key lending rate to 14.8 per-
cent.
Two months after it last
raised its discount rate, from
13.7 percent to 14.0 percent, the
central bank cited new indica-
tions of inflationary pressures
as the reason for its decision to
further tighten its monetary pol-
icy.
Speaking to Israel Radio,
Bank of Israel Governor Jacob
Frenkel said that despite the re-
cent hikes in the central bank's
rates, real interest rates, name-
ly the nominal price of credit mi-
nus the level of inflation, have
recently been on the decline.
As for the government's in-
flation goal, Mr. Frenkel said
time is still sufficient for it to be
attained through corrective
measures over the remainder of
the year.
Meanwhile, Manufacturers'
Association President Dan Prop-
per reiterated his long-standing
view that Mr. Frenkel's policies
have failed, saying cheaper cred-
it would ultimately narrow the
current account deficit and re-
duce overall inflation.
However, Tel Aviv Universi-
ty economist Professor Haim
Ben-Shahar supported Mr.
Frenkel's move, dismissing Mr.
Propper's suggestion that in-
terest rates bear no impact of in-
flation and asserting that the
deficit stems from over-con-
sumption rather than the cred-
it policies.
.
Geotek Forms
\-‘, Telecom Firm
\Th
Jerusalem (JPFS) — Geotek
Communications plans to cre-
ate a telecommunications com-
pany out of its FHMA
(frequency hopping multiple ac-
cess) division. Geotek holds the
exclusive license to commer-
cialize FHMA technology.
The new company will devel-
op, manufacture, market, and
license advanced communica-
tions equipment systems and
products based on Geotek's
FHMA digital wireless technol-
ogy.
The company plans to sell
FHMA-based infrastructure,
terminals, and software appli-
cations to mobile radio network
operators and estimates that
FHMA-related equipment rev-
enues will come to $400 million
annually.
The new company, which will
have its headquarters in Mont-
vale, N.J., will integrate Geot-
ek's research and development,
production and manufacturing,
and mobile data subsidiaries.
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