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Brawny shekel threatens to knock out exporters, tech firms dependent on almighty dollar

www.timesofisrael.com·ToI Staff·about 1 month ago
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For over a century, Hanan Grebelsky’s family-run business has quarried and cut Jerusalem limestone, providing iconic buildings in Israel and abroad — such as New York’s Metropolitan Museum of Art — with chiseled stone facings, floors and more. Founded in 1923 by Grebelsky’s grandfather Aharon, who immigrated to Israel from the Ukraine, A. Grebelsky & Son has weathered challenges from missile attacks to economic downturns while continuing to churn out blocks of stone for domestic consumption and export. But the rise of the shekel, which recently hit a 30-year-high against the dollar, has created a “huge strategic concern” that outstrips those other challenges, according to Grebelsky, leaving him and many export-reliant businesses primarily paid in foreign currency struggling to stay afloat. “[When] the country was at war it was imperative for us to show our customers that we are not stopping the machines,” Grebelsky told The Times of Israel.…

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