Israeli shekel hits low against USD in over 3 years

The Israeli shekel against the U.S. dollar has hit a low in more than three years, according to the exchange rates released by Israel’s central bank on Wednesday.

The shekel/dollar exchange rate was set at 3.731 shekels per dollar, compared to 3.83 recorded on March 18, 2020.

Since January 25 when the rate stood at 3.37 shekels per dollar, the Israeli currency has experienced a devaluation of 9.7 percent in four months.

Joseph Freiman, CEO of the Israeli financial Prico Group specializing in foreign exchange markets, told Xinhua that the concerns over security escalation and a possible crisis in the negotiations between the coalition and the opposition regarding the planned legal reform led to a rapid depreciation of the shekel against the dollar.

With the well-felt departure of foreign investors from Israel, the ongoing uncertainty in a period of limited foreign exchange supply may result in further sharp fluctuations in the shekel/dollar exchange rate, he warned. ■

Israel’s shekel falls to its lowest record against the U.S. dollar

February 22, 2023 Famagusta Gazette 0

The value of Israel’s currency shekel on Tuesday fell to its lowest record against the U.S. dollar in nearly three years, according to exchange rates issued by Israel’s central bank. The shekel’s exchange rate against [Read More]

Israel cut its 2023 GDP growth forecast from 3 percent to 2.7 percent

May 17, 2023 Famagusta Gazette 0

Israel cut its 2023 GDP growth forecast from 3 percent to 2.7 percent, according to a report issued by Shira Greenberg, chief economist of the Finance Ministry, on Tuesday. The report explained that the previous [Read More]

 

About Famagusta Gazette 8440 Articles
In addition to our Mediterranean perspective, Famagusta Gazette publish extensive coverage of world news, travel and tourism features, and financial information. Follow us on Twitter @FamagustaG