Kibbutz exporters claim currency-related loss of NIS 900 million

This is as a result of the continued weakness of the US currency. Since January 2006, the shekel has appreciated more than 14% against the dollar
 
Yonatan Melamed, chairman of the Kibbutz Industries Association urged Finance Minister Ronnie Bar-On last week to implement the Artzi recommendations to help assist kibbutz exporters, who had made a loss of NIS 900 million as a result of the continued weakness of the US currency.
 
The Artzi assistance program, which is budgeted to cost the government NIS 460m., includes a NIS 200m. emergency fund to assist small- and medium-sized companies, advisory services on how to insure against currency risk, a non-governmental fund for currency hedging and doubling credit lines for exports to high-risk markets.
 
Last Wednesday, the shekel rose to its highest against the dollar in nine years. Since January 2006, the shekel has appreciated more than 14% against the dollar. In a statement issued by the Kibbutz Industries Association Melamed noted that "The loss in revenues from exports is severely damaging the Kibbutzim's profits and some of the companies might be forced to halt their export production lines if they don't get the assistance needed."
 
The Kibbutz Industries Association is the umbrella organization of more than 300 factories and companies across Israel.