(Yehciel Spira – YWN Israel) Tzedaka (charitable) organizations in Eretz Yisroel are being hit hard as a result of the failing dollar and sharp drop in the dollar’s strength against the New Israeli Shekel (NIS).
Quoted by the daily Haaretz, Prof. Benjamin Gidron, the director of the Israeli Center for Third Sector Research at Ben-Gurion University in the Negev states the current crisis is indeed serious, stating at present, there is a 20% decline in dollar buying power – decreasing the actual ability of hospitals, universities and non-profits in Eretz Yisroel to make use of dollar donor funds.
The professor added that these organizations usually receive a collective total of $1.5 billion annually.
Yad Sarah, the nationwide medical equipment lending organization founded by Jerusalem Mayor Rabbi Uri Lupoliansky issued a statement that will have to curtail acquisition of new equipment and other services as they are witnessing a sharp decline in the organization’s spending abilities.
A 20% decline in the dollar against the NIS results in a sharp drop in buying power, and donors for the most part do not increase the size of their allocations as a result of the ailing dollar.
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3 Responses
The American yungerleit living in E”Y & being supported by their parents & in-laws in U.S. dollars are also having a mighty hard time paying their bills. Aside from the drop in the dollar, the price of food items & basic necessities has increased in the last year by 20%. Most of us are hesitant to approach our parents, whom we already owe a tremendous amount of gratitude for their continuous support, & request an additional increase. For those parents who are struggling just to provide the current level that their giving I say nothing. However I personally know quite a handful of yungerleit whose parents are financially well to do & who want to support their children who are learning, who are struggling to get by. Perhaps their parents are unaware of the hardships their experiencing & to them I would like to suggest that they inquire of their kids how their managing financially.
This is a major problem being felt all over the world, the dollar has lost its prime value, look at what happened with the housing market, the stock market and falling interest rates. OF COURSE, it will and has affected the realm of donations.
HASHEM IS DOING IT TO SHOW THE WORLD THAT HE HASHEM IS THE RULER OF THE WORLD AND NOT AMERICA AS THEY THINK THEY ARE