The shekel has been strengthening today against the dollar and against the euro. In inter-bank trading this afternoon the shekel-dollar exchange rate is down 0.41% at 3.646/$ and the shekel-euro rate is down 0.90% at NIS 3.952/€.
Yesterday, the Bank of Israel set the representative shekel-dollar rate 0.356% up from Monday, at NIS 3.661/$, and the representative shekel-euro rate was set 0.552% higher at NIS 3.987/€.
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Next Monday, the Bank of Israel Monetary Committee, headed by Governor Prof. Amir Yaron, is expected to announce the tenth rate hike in just over a year, raising the interest rate from 4.5% to 4.75%. Any lingering doubts that the Bank of Israel might leave the rate unchanged were dispelled by the much higher than expected April Consumer Price Index (CPI) of 0.8%. This means that annual inflation in Israel remains at 5%, higher than in the US, as the Bank of Israel battles to tame inflation.
Published by Globes, Israel business news – en.globes.co.il – on May 17, 2023.
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