Israeli tech sector raises alarm bells over plummeting dollar
A group of Israeli tech entrepreneurs and investors met with Bank of Israel representatives this week to warn of the dangers posed to the sector by the Israeli shekel and U.S. dollar exchange rate, which has hit an historic low. One U.S. dollar is currently being traded at NIS 3.21, lower than it was during the 2008 crisis and a rate not seen since November 1996. The Bank of Israel (BOI) has purchased hundreds of millions of dollars in foreign currency just this week in an attempt to slow shekel gains, but despite buying $17 billion in foreign currency since the start of 2020, the shekel h...
Source: calcalistech.com