JERUSALEM, Mar 21 (NNN-MA’AN) – The value of Israel’s currency, shekel, yesterday continued its downward trend, shedding 8.3 percent of its value against the U.S. dollar, in less than two months.
The decline put the shekel among the three worst-performing currencies in the world, in Feb.
Exchange rates published by the Central Bank of Israel, yesterday, traded the U.S. dollar at 3.677 shekels, registering one of the lowest exchange rates against the greenback, during the past three years.
On Jan 25 this year, the exchange rate was set at 3.37 shekels per dollar. Since then, the shekel has been devalued by 8.3 percent in around two months.
Joseph Freiman, CEO of the Israeli financial Prico Group, which specialises in foreign exchange markets, said that, one of the key factors for the shekel’s weakness is the public’s concern for the judicial overhaul, promoted by the Israeli government, which prompts large sums of foreign currency purchases.
“Decreases in stock markets abroad and local activity by foreign investors, also contributed to the strengthening of the dollar against the shekel,” he added.
The Israeli government, led by Prime Minister Benjamin Netanyahu, begun a process of widespread reform, in the regime’s judicial system, stirring up heated debates and large-scale protests in the country.– NNN-MA’AN
