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NEWS
Gemach Merkazi Sets Fixed Dollar Rate
By Yechiel Sever
At a special board meeting of the Gemach Merkazi a series of
decisions were reached regarding the decline in the value of
the dollar in terms of Israeli shekels, which has caused
significant losses for many people who deposited their
savings in the Gemach Merkazi. Recently the dollar has been
valued at about 3.5 shekels. Five years ago it was almost at
5 shekels, and has since traded at around 4.2 shekels.
The decisions were made after consulting with members of the
Gemach's rabbinical committee in order to serve the interests
of the depositors.
The board meeting was held at the home of Gemach Merkazi
founder HaRav Gavriel Yosef Levy. R' Avrohom Ehrenfreund, who
coordinates the representatives, presented hundreds of
requests from donors around the country asking to link the
dollar to a set shekel value.
Following inquiries and an in-depth discussion it was decided
to link loans to a minimum rate of four shekels to the
dollar, and donations and deposits will also be collected at
a rate of four shekels to the dollar. The Gemach grants loans
according to a plan checked by financial consultants and
accountants.
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