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IEICI's chairman welcomes Bank of Israel's intervention in the foreign currency market

Ramzi Gabay called for the government to stay on guard to prevent a further appreciation of the Shekel
16.04.13 / 00:00
IEICI's chairman welcomes Bank of Israel's intervention in the foreign currency market
16.04.13
IEICI's chairman welcomes Bank of Israel's intervention in the foreign currency market

Israel Export and International Cooperation Institute chairman Ramzi Gabay welcome last week Bank of Israel's first intervention in the foreign currency market since July 2011.

In a press release Gabay noted that "Governor Fischer has demonstrated his commitment to Israeli exports and economic growth".

Gabay added: "I call upon the governor to stay on guard to prevent a further appreciation of the Shekel, which will harm exporters' profitability."

Earlier last week Gabay noted that Manufacturers and exporters had been worried by the strengthening of the shekel which was jeopardizing export growth this year, and called upon the Bank of Israel to reactivate its past policy and buy dollars in an effort to limit serious harm to exporters: "This sector is struggling to deal with the prolonged crisis in the global economy, which has reduced demand. The steady erosion of the exchange rate in real terms is a serious blow to their profitability."

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