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      Archive: 5/6/2013
      14:33
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      News Brief

        5/6/2013, Iyar 26, 5773

      Is Somebody Playing with the Shekel/Dollar Rate?


      Director-General Amir Hayek of the Israel Manufacturers Association called on the Bank of Israel, Monday, to investigate external intervention in the 12-percent fall in the value of the United States dollar against the shekel between July and February. During that time the yen has gone down 25 percent against the greenback, the Euro has declined seven percent against the dollar and the pound has been stable.

      Hayek said a drop in the dollar means a drop in the profitability of exports, which adversely affects the functioning of the economy. Treasury research indicates a two-percent drop in exports for every three-percent drop in the dollar rate.