Israelis have deposited over $2.2 billion in foreign currency accounts in overseas banks since the beginning of the Al-Aqsa Intifada in September 2000. According to the Bank of Israel, some $1.02 billion was transferred from local banks in the first 10 months of 2002, reported Globes.
In addition, individuals and families invested two billion dollars in local and foreign bonds and shares traded on international capital markets. Israelis also deposited $1.5 billion in foreign currency accounts in local banks.
For the past two years the Israeli economy experienced a deep recession. As a result, in 2001 GDP dropped by 0.6 percent, and the per-capita GDP by 2.9 percent, while the accumulated decline, which amounts to close to six percent in the level of GDP per capita, is unprecedented in the history of the State of Israel. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
