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Israelis continued to transfer money abroad in August, but at a much slower pace than in the seven preceding months of 2002, the Bank of Israel reported today.

Transfers abroad totaled $70 million in August, compared with an average of $130 million in each of the seven preceding months.

However, continuing a trend from July, investors continued to withdraw money from forex-based mutuals. Again, the pace decelerated, with August withdrawals totaling $180 million, compared with $453 million in July.

Foreign investors again frowned on Israeli government bonds, sustaining a tendency evident from June. Some $40 million worth of government bonds were sold on the Tel Aviv Stock Exchange during August.

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The Bank of Israel's forex supervisory department says that foreign investment in Israel totaled $409 million in August, compared with $374 million in July. Most of that was in the form of additions to deposits at Israeli banks.