Bethel Finance news:
The shekel was weaker in inter-bank trading this afternoon with the exchange rate up 0.45% at NIS 3.4074/$. The shekel euro exchange rate was up 0.25% at NIS 5.0510/€.
In the foreign currency market yesterday, the shekel-dollar representative exchange rate fell 0.15% to NIS 3.392/$, but the shekel-euro representative exchange rate rose 0.44% to NIS 5.039/€.
Yesterday evening, the Manufacturers Association held a well attended emergency meeting to discuss the strength of the shekel and its negative influence on exports. Speakers included Minister of Industry, Trade and Labor Shalom Simhon, Manufacturers Association president Shraga Brosh, Israel Export and International Cooperation Institute chairman Ami Erel and many more. Minister of Finance Yuval Steinitz chose not to attend.
Under pressure from the manufacturers Simhon announced that he would launch an emergency plan to save exports and would speed up pushing it forward in the next few weeks. He said, "I will turn to the prime minister and ask that he convenes an emergency cabinet debate within the next two weeks and industrialists and manufacturers will be a party to discussing the solutions. I will start working on this tomorrow morning and it is clear to me that it is going to cost money. I'm ready to lead an assistance plan to help exporters in the short term. I hope to succeed in promoting it with the prime minister, who is at the end of the day the government's senior economic minister."
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