Netanyahu Backs Fischer's Policy

The Prime Minister's Bureau came out in support of Bank of Israel Governor Stanley Fischer's efforts to moderate the shekel from strengthening further against the dollar. Yesterday Fischer was attacked in various circles because of the central bank's aggressive intervention in the foreign currency market, through massively buying dollars in the open market.

"Hopefully, the central bank will be able to maintain the exchange rate high enough to keep exporters competitive in the international markets," a top source in the Prime Minister's office said.

"Nevertheless, the governor is correct in saying that exporters are going to have to acclimatize themselves to working with present dollar exchange rates," the source added. "The dollar and euro exchange rates taken together is the relevant issue for exporters," he said.