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Israel Tourism Ministry warns of currency crisis

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Feb 07, 2008

( - The governor of the Bank of Israel will have no choice but to reduce the interest rate if he wants to prevent the dollar from weakening further, Tourism Ministry Director-General Shaul Tzemach said Wednesday.

The ministry head spoke during the 14th International Mediterranean Tourism Market convention (IMTM), currently underway at the Tel Aviv Exhibition Grounds.

Tzemach added that the weakening of the dollar might lead to a downturn in Israel's main market for tourism, North America.

Israel Hotel Association chairman Eli Gonen backed up Tzemach's statements, warning that the sliding dollar could cause the dismissal of some 7,000 industry employees.

Israel Tourism Ministry warns of currency crisis

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