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Israeli manufacturers are worried the strong shekel is hurting exports, shrinking profits and pushing companies to move abroad, as exports could fall by $10 billion and the government could lose over $3 billion in taxes. The central bank is holding off to avoid triggering inflation
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Israeli exports will fall by 31 billion shekels ($10 billion) in the coming year and government tax revenues will drop by more than three billion if nothing is done to stem the continued strengthening of the shekel, Manufacturers Association President Abraham Novogrodsky warned this week in a letter to Amir Yaron, the president of the Bank of Israel.
