Story perspectives

Shekel Surge Threatens Exporters, Risks Jobs in Tech

2/3/2026

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Summary

Story summary

Avraham Novogrotzky, president of the Manufacturers’ Association, says the shekel's appreciation threatens exporters' profits and could trigger job cuts in manufacturing and tech sectors.
Without government intervention, the economy could face a deep recession.
The shekel trades near a four-year high against the dollar, reducing exporters' competitiveness.
The association estimates continued shekel strength could cause about NIS 31 billion ($10 billion) in annual revenue losses for exporters.

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Story summary

Avraham Novogrotzky, president of the Manufacturers’ Association, says the shekel's appreciation threatens exporters' profits and could trigger job cuts in manufacturing and tech sectors.
Without government intervention, the economy could face a deep recession.
The shekel trades near a four-year high against the dollar, reducing exporters' competitiveness.
The association estimates continued shekel strength could cause about NIS 31 billion ($10 billion) in annual revenue losses for exporters.