The Dollar weakened and is worth in Israel: 3.61 Shekel


by Ifi Reporter Category:Banking Aug 30, 2018

The dollar fell 0.9% and its representative rate was set at NIS 3.610, while the US currency lost 3% in value, while the representative euro fell 0.7% to NIS 4.222.
Trading in the local market is conducted against the backdrop of the Bank of Israel's decision, and Bank of Israel leaves the interest rate unchanged in September. In the announcement, the Bank noted that it sees the beginning of the stabilization of inflation within its target range and does not see a decline in the rate of growth in the second quarter as a change in trend. In the announcement, the Bank noted that the substantial threat to inflation is a strong shekel.

In addition, the Bank of Israel reiterated its intention to leave the interest rate unchanged as long as it is necessary to base inflation within the target range.

Since the last interest rate announcement, the shekel strengthened against the currency basket, but the Bank of Israel stresses that this is mainly due to the sharp weakening of the Turkish lira, while the shekel remains stable against the major currencies.

On the other hand, the rise in wages, the noticeable private consumption, and the expansionary fiscal policy will support the continued increase in inflation, "said Discount Bank economist Nira Shamir.

Inflation over the past 12 months rose to 1.3 percent, reaching its target range of 1 percent to 3 percent for the first time since 2014. According to investment house Helman Aldubi, the Bank of Israel is approaching a significant decision junction. "The market to date embodies a first interest rate hike already in the first quarter of 2019. But in order for the Bank of Israel to carry out this increase, inflation must remain within the range of 1% to 3%."



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