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August 12, 1983 - Image 12

Resource type:
Text
Publication:
The Detroit Jewish News, 1983-08-12

Disclaimer: Computer generated plain text may have errors. Read more about this.

12 Friday, August 12, 1983
THE DETROIT JEWISH NEWS
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•• • • • • • • • • • • • • • • • • • • • • • •

Israeli Shekel Devalued

JERUSALEM (JTA) —
The Bank of Israel, Israel's
central bank, devalued the
Israeli shekel by 7.5 percent
against the dollar, in a new
indication that Israel was
continuing to lose its battle
against the economy's gal-
loping inflation.
The shekel was being sold
Wednesday by the central
bank to commercial banks
at 57.13 shekels to the dol-
lar, as against 53.14 Tues-
day.
The announcement came
as the Ministerial Economic
Committee continued secret
meetings in an effort to im-
plement the Finance Minis-
try's plans to cut Israel's
out-of-balance budget by
drastically trimming the

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The devaluation was
denounced by Israel's
powerful union move-
ment, the Histadrut, and
received only a
lukewarm welcome from
manufacturers who
called it "too little and too
late." Some exporters
said the devaluation
would help Israel's ur-
gent need to expand ex-
ports if accompanied by
other fiscal measures.
Presumably meaning
deep government budget
cuts, and possibly reduce
imports by increasing
their prices.

Experts noted that the 7.5
percent devaluation was a
sharp jump from the cus-
tomary unofficial creeping
devaluation of the shekel
which, until about two
months ago, averaged about
five percent amonth. In re-
cent weeks, the central
bank accelerated the rate of
devaluation and during the
past 10 days, the shekel lost
10-percent of its purchasing
power.
The official explanation
for the 7.5 percent devalua-
tion was that the adjust-
ment brought the shekel
closer into line with its "real
value." The immediate pur-
pose of the devaluation was
described as that of
encouraging Israeli exports,
by making them cheaper on
world markets, and dis-
couraging imports, by mak-
ing them more expensive.

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