In the absence of regulated solutions from the Israeli government, it appears that many employers have chosen to take control of their financial destinies by implementing employee furloughs. This trend is particularly noticeable in labor-intensive industries such as restaurants and event halls, echoing the measures taken during the COVID-19 pandemic.
Read more: Israel Dealing With Wartime Economy Using Policy From The COVID Pandemic
As the war in Israel persists, the stock of the Israeli defense company Elbit Systems has exhibited a remarkable surge of 7%. It's a well-established fact that arms manufacturer stocks tend to flourish during times of war. In this regard, Elbit Systems stands as the preeminent player within the Israeli defense industry.
Read more: Elbit Systems Sees Impressive Stock Surge Amid Ongoing War In Israel
In a recent security breach, Hamas terrorists infiltrated Israeli townships surrounding Gaza and stole the credit cards of residents, subsequently utilizing them for various purchases within Gaza. These alarming developments have prompted inquiries to the Bank of Israel. While the precise extent of the stolen credit cards remains unknown, both an official at the Bank of Israel and a representative from the credit card company have confirmed that the number is relatively limited.
Read more: Hamas Terrorists Using Credit Cards Of Victims And Abductees
The Israeli Treasury is acutely aware of the potential economic repercussions of the ongoing conflict, although estimating the exact costs and damages remains a formidable challenge. Contrary to characterizing it as merely another round of hostilities, a senior official from the Ministry of Finance emphasized the profound economic significance and extreme uncertainty of the current situation. Consequently, they have refrained from providing specific figures that would summarize the extent of the damage inflicted and anticipated.
Read more: Israeli Treasury: Assessing Economic Impact Amid Ongoing War
After the sharp declines in the Israeli stock market on Sunday night, and in the shadow of the severe conflict near Gaza, which entered its third day, foreign exchange trading resumed this morning. The shekel weakened significantly against leading currencies. The dollar was trading at approximately 3.91 NIS, marking an increase of approximately 2%, while the Euro also experienced a similar rate jump and was traded at around 4.115 NIS. Concurrently, the local stock market showed a modest recovery, with the Tel Aviv 35 index rising by about 0.5%, and the Tel Aviv 125 index displaying a similar increase.
Read more: Israeli Stock Market Declines Amid Ongoing Conflict: Measures for Stability In Place
