Jewish Agency budget hurt by weak dollar

Wednesday, June 04, 2008 |  staff writer

The weakening dollar is hurting Israeli organizations, including the Jewish Agency, which depend on foreign donations. The Jewish Agency will be forced to cut an estimated $30 million from its budget, approximately 10 percent, organization officials said.

Two thirds of the Jewish Agency’s donations are from the United Jewish Communities of North America, and mostly in dollars. But the Jewish Agency, based in Israel, pays its employees in shekels and is losing money as the dollar dives compared to the shekel.

The dire financial situation is forcing a reorganization by the agency leaders at the board-of-governors meeting in Jerusalem in three weeks. The Jewish Agency helps Jews immigrate to and resettle in Israel.

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