Export Institute chairman Ramzi Gabay: I call on the governor to stay on guard to prevent a further appreciation of the shekel.
"Governor Fischer has demonstrated his commitment to Israeli exports and economic growth," said Israel Export and International Cooperation Institute chairman Ramzi Gabay in response to the Bank of Israel's first intervention in the foreign currency market since July 2011. "I call on the governor to stay on guard to prevent a further appreciation of the shekel, which will harm exporters' profitability."
Manufacturers and exporters have been warning about the shekel's strength and their worries about the profitability of exports.
Last week, Gabay said that the main victims of the strengthening shekel were small and mid-sized 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."
Published by Globes [online], Israel business news - www.globes-online.com - on April 8, 2013
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