JERUSALEM, Jan. 12 (Xinhua) -- The Manufacturers Association of Israel (MAI) on Tuesday called on the government to "act urgently" following the continued fall of the U.S. dollar against the Israeli new shekel.

The exchange rate was recorded at 3.159 shekels for 1 dollar on Tuesday, the lowest rate since September 1996.

Ron Tomer, president of the MAI, said that "there is no vaccine for the severe damage to the Israeli industry and exports, caused by the strengthening of the shekel against the dollar."

He added that it is not clear how the Israeli industry is supposed to overcome the dramatic drop, "despite the Bank of Israel's attempts to curb it."

Throughout 2020, the Israeli central bank has purchased over 21 billion dollars in the foreign exchange market, which did not stop the accelerated strengthening of the shekel.

Tomer called on the government to use all its fiscal tools to help Israeli industry survive this difficult period. Enditem

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