Falling dollar woes strike religious institutions in Israel

According to the Jerusalem Post story, a new report says that the falling dollar has cost religious institutions in Israel some 350 million shekels. (Or what used to be $90 million but is now more than $100 million.)

From the story:

The survey is based on data from more than 80 haredi charity organizations such as Yad Sarah, Ezer Mizion and others and educational institutions like Migdal Or and Viznitz.

Since July 2007, the US currency has lost 20% of its value against the shekel.

On average, the haredi organizations and institutions received annual donations of more than NIS 1 billion, narrowed by about 31% on average. Donations make up about 43% out of the total budget of these institutions.

The survey revealed that 48% of questioned institutions and organizations believed that the global financial crisis will have a significant impact on their future existence.

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