Israel's Finance Minister Dr. Yuval Steinitz said last Sunday that he and Mr. Binyamin "Fuad" Ben-Eliezer, Minister of Industry, Trade and Labor, had approved the increase of aid to local exporters in order to maintain their market competitiveness as the Israeli currency continues to strengthen against the US dollar.



Following Steinitz's announcement the Finance Ministry issued a statement saying it would triple its financial aid to small businesses to about US$24 million over the next four years.



It also plans to allocate $15 million for the development of industrial zones over the next two years and increase its budget for the office that assists high-tech firms.



The Israeli Shekel has appreciated more than 10% vis-a-vis the dollar in recent months and stands at 3.73, an 11-month peak. The Bank of Israel has tried to keep the shekel from gaining further by purchasing foreign currency from time to time in the open market.