The American dollar was devalued to less than 3.53 shekels Monday, the same day that Bank of Israel Governor Prof. Stanley Fischer said the shekel would continue to strengthen. He warned exporters, whose profits in shekels are less when the shekel strengthens, to prepare for a long period of a strong local currency.

He echoed Finance Ministry and foreign analysts' estimates that economic growth this year will slow down to approximately 3.2 percent, which he said is not pessimistic in light of the worldwide fears of a recession.