What Is Happening to the Shekel? More Bad News for Israeli Economy

The Israeli shekel is facing a crisis, according to latest market data. (Photo: Wikimedia Commons)

The Israeli currency, the shekel has dropped significantly against the dollar, Reuters news agency reported.

This is the worse such drop in the value of the shekel in years, as it is now at almost eight-year low against the US dollar, the agency said.

“The shekel was last down more than 3% against the dollar at 3.9581,” it added.

The falling value of the shekel is expected to continue, as war, between the Israeli army and Palestinian Resistance carries on for the third day.

The bad news for the Israeli economy followed another piece of bad news from last September.

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“Foreign investment in Israel has dived by 60 percent in the first quarter of this year,” The Times of Israel reported, citing a report published by the Finance Ministry.

The Israeli newspaper had then reported, citing official data, that “Israel lured about $2.6 billion in foreign investment in the first three months of the year, reflecting a 60% decline compared to the average quarterly figures recorded in 2020 and 2022.”

(The Palestine Chronicle) 

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