Dollar climbs as Bank of Israel intervenes again

Non-profit organizations, that raise money in dollars, ask government for compensation.

dollars bundle 224 88 (photo credit: Channel 10)
dollars bundle 224 88
(photo credit: Channel 10)
After a turbulent day in the foreign exchange markets on which the Bank of Israel intervened to stem the recent decline in the dollar against the shekel, the US currency continued to gain strength Friday morning, climbing by 1.9 percent to NIS 3.468. Following the estimated purchase of between $50 million and $100m on Thursday, the Bank of Israel bought dollars again on Friday morning. Meanwhile, the non-profit organization Yadid, which provides assistance to the weaker sectors of society, urged Prime Minister Ehud Olmert, Finance Minister Ronnie Bar-On and Welfare and Social Services Minister Isaac Herzog to compensate non-profit organizations in the wake of the dollar's recent decline. Yadid said that organizations that provide assistance to the needy raise dollars abroad but their expenditures are, nonetheless, in shekels. Therefore, warned Yadid, many non-profit organization will be forced to fire workers if they do not receive financial aid from the government, Israel Radio reported.