Finance Minister Bezalel Smotrich sent an urgent letter to leaders of the business sector, demanding that they act immediately to update consumer prices for products and services.
The demand follows a continued trend of the shekel strengthening against the dollar and other currencies, which Smotrich noted is not being reflected in prices for the public.
In his letter, Smotrich cited data showing that the shekel has strengthened by more than 24% since November 2024, by nearly 20% over the past year, and by about 11% since the start of 2026. According to him, while in the past a weakening of the shekel led to almost immediate price increases, the current reduction in import costs is not being passed on to consumers.
"In an unacceptable manner, the Israeli public is not sufficiently and fairly benefiting from this reduction," he warned. "While businesses’ import costs have dropped sharply, consumer prices have remained at their high levels or declined only very marginally."
Smotrich added, “This gap translates into increased profitability at the citizens' expense, without any economic justification." He stressed that he expects the business sector to show responsibility toward citizens and bring about actual price reductions.
"It cannot be that you turn to the government demanding aid packages in times of crisis, but when there is economic relief in the markets, you withhold it from Israeli citizens," the letter warned. "The responsibility you declare must be reflected in the price on the shelf."
The letter was addressed to Chairman of the Presidium of Israeli Business Organizations Dubi Amitai, President of the Manufacturers Association Avraham Novogrodsky, President of the Federation of Israeli Chambers of Commerce Shahar Turjeman, and Lahav President Roi Cohen.
Smotrich demanded that they convene the importers and businesses in their organizations already on Friday, and bring about immediate price reductions.