Fischer moves toward shekel pricing

Stanley Fischer and Finance Ministry Dir.-Gen. Yoram Ariav met with representatives from various unions, including contracters, builders, lawyers, accountants and advertisers, in an effort to convince them to halt the practice of setting prices for their services in dollars instead of shekels.

By MATTHEW KRIEGER
May 30, 2007 07:23

Governor of the Bank of Israel Stanley Fischer and Finance Ministry Director-General Yoram Ariav met on Tuesday with representatives from various unions, including contracters, builders, lawyers, accountants and advertisers, in an effort to convince them to halt the current practice of setting prices for their services in dollars instead of shekels. As a result of rampant inflation in Israel in the 1980s, many service sectors began setting their prices in dollars, however, over the last number of years, inflation here has fallen and the shekel has strengthened, leading Fischer to the conclusion that "now is the time" to pin prices to the local currency.


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