Font Size: A A A
Go to:
×
More in Industry & Trade: Customs | Economy | Trade | Infrastructure
Voyage Search
General Shipping Search
Please select a port in Israel
Please select a port overseas
Exports from Israel
Imports to Israel
Tools & Calculators
Currencies
Update date: 21.11.2019
Currency Rate % Change
USD 3.471 +0.405
EUR 3.8384 +0.243
GBP 4.4787 +0.179
100 JPY 3.2004 +0.651
Currency calculator
Calculators
length area vol. weight
cm
m
km
inch
foot
yard
mile
Clear
square cm
square m
square km
square inch
square yard
square mile
Clear
cc
litre
cubic m
cubic inch
cubic yard
gallon
Clear
kg
short ton
long ton
lb
oz
Clear
Volume Weight Calculator
Ports' Workplan

Brosh: Gov't urged to act swiftly to 'save' export industry in face of the drop in the dollar

Brosh called on the central bank to cut interest rates from the current 3.75% to 2% by the end of the year to reach an inflation target of between 1.5% and 2%
21.05.07 / 00:00
Brosh: Gov't urged to act swiftly to 'save' export industry in face of the drop in the dollar
21.05.07
Brosh: Gov't urged to act swiftly to 'save' export industry in face of the drop in the dollar

Brosh called on the central bank to cut interest rates from the current 3.75% to 2% by the end of the year to reach an inflation target of between 1.5% and 2%

 

Shraga Brosh, President of the Manufacturers Association of Israel, urged last week the Treasury and the Bank of Israel to act quickly and drastically to help with the crisis the export industry faces, as the continued drop in the dollar causes millions of shekels in losses.

 

Brosh spoke at an urgent meeting held last week with leading industrialists and officials of the Treasury and the Bank of Israel in Tel Aviv. Brosh emphasized before the Treasury and the Bank of Israel that "Fast action needs to be taken to save the Israeli export industry and avert thousands of layoffs."

 

The meeting was called following an announcement made earlier last week by the Manufacturers that the weakening dollar was continuing to take a toll on hi-tech exporters, who had lost NIS 500 million over the past four months and were considering changing production locations.

 

Brosh called on the central bank to cut interest rates from the current 3.75% to 2% by the end of the year to reach an inflation target of between 1.5% and 2% and move the shekel-dollar exchange rate to NIS 4.1. Deputy Governor of the Bank of Israel Zvi Eckstein stressed, however,that the central bank had no intention to intervene in the current crisis.

 

×