Israeli shekel devalues by 8.3% in less than 2 months

Jerusalem, March 21 (IANS) The Israeli shekel has continued its downward trend, shedding 8.3 per cent of its value against the US dollar in less than two months.

Exchanges rates published by the Central Bank of Israel on Monday traded the US dollar at 3.677 shekels, registering one of the lowest exchange rates against the greenback during the past three years, reports Xinhua news agency.

On January 25, 2023, the exchange rate was set at 3.37 shekels per dollar.

Since then, the shekel has been devalued by 8.3 per cent in around two months.

Joseph Freiman, CEO of the Israeli financial Prico Group, which specializes in foreign exchange markets, told Xinhua that one of the key factors for the shekel's weakness is the public's concern for the judicial overhaul promoted by the Benjamin Netanyahu-led 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 government has begun a process of widespread reform in the country's judicial system, stirring up heated debates and large-scale protests in the country.

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