Lapid: We will weaken the shekel

Finance Minister Yair Lapid tells "Bloomberg" that the shekel is too strong and he will do everything in his power to weaken it.

"We are going to do everything in our power to make sure we are weakening the shekel. It is too strong," Minister of Finance Yair Lapid told "Bloomberg" today, adding that he would work with the new Governor of the Bank of Israel Dr. Karnit Flug to weaken the shekel. He did not say what the exchange rate ought to be.

Lapid was vague about the actions he planned to take, following the failure of repeated interventions in the foreign currency market by the Bank of Israel and the Ministry of Finance failed to stem the strengthening of the shekel for any length of time. "I am not going to say what we are going to do," he said.

Published by Globes [online], Israel business news - - on October 24, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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