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Updated:Apr 23, 2026
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Economic Foundations: Currency, Reparations, and Early Fiscal Policy (1948–1954)

Economic Foundations: Currency, Reparations, and Early Fiscal Policy (1948–1954)

  1. Israel declares independence amid fiscal strain

    Labels: State of, Fiscal policy

  2. Bank Notes Ordinance authorizes new Israeli issue

    Labels: Bank Notes, Anglo-Palestine Bank

  3. Anglo-Palestine Bank notes enter circulation

    Labels: Anglo-Palestine Bank, Palestine pound

  4. Currency replacement completed nationwide

    Labels: Currency swap, Anglo-Palestine Bank

  5. Export-Import Bank loan supports early development

    Labels: Export-Import Bank, Foreign loan

  6. Austerity (“tzena”) program announced and organized

    Labels: Tzena austerity, Rationing policy

  7. Ministry of Rationing and Supply begins work

    Labels: Ministry of, Rationing policy

  8. Second Export-Import Bank loan strengthens financing

    Labels: Export-Import Bank, Foreign loan

  9. Bank Leumi created from Anglo-Palestine Bank assets

    Labels: Bank Leumi, Anglo-Palestine Bank

  10. State of Israel Bonds launched for external capital

    Labels: Israel Bonds, Development Corporation

  11. Israeli pound (lira) introduced as new currency

    Labels: Israeli pound, Currency reform

  12. Luxembourg reparations agreement signed in West Germany

    Labels: Luxembourg Agreement, West Germany

  13. Reparations agreement enters into force

    Labels: Reparations enforcement, Luxembourg Agreement

  14. Knesset passes Bank of Israel Law

    Labels: Bank of, Knesset

  15. Bank of Israel officially established and takes over issuance

    Labels: Bank of, Note issuance