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Shekel Devalued in New Economic Plan

July 28, 1993
See Original Daily Bulletin From This Date

The Israeli shekel fell in value by 2.14 percent Monday following a series of economic measures announced by the government over the weekend to curb inflation.

By the end of the business day Monday, the exchange rate stood at 2.865 shekels to the U.S. dollar, or one shekel equal to 35 cents.

Jacob Frenkel, governor of the central Bank of Israel, said the new measures would turn the Israeli economy into a “Western” economy, with a lower rate of inflation and one clear-cut monetary exchange rate.

The devaluation of the shekel is chief among the measures, which also include abolishing certain export incentives, reducing import taxes by 2 percent and freezing plans for tax reform.

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