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Shekel surges after rate left unchanged

February 28, 2024
in Business
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The shekel is gaining strongly after the Bank of Israel left the interest rate unchanged at 4.5% on Monday despite the expectations of many that there would be a 0.25% cut.



The shekel is gaining strongly after the Bank of Israel left the interest rate unchanged at 4.5% on Monday despite the expectations of many that there would be a 0.25% cut. This afternoon the Bank of Israel set the representative shekel-dollar rate down 1.096% from Monday, before the holiday for the municipal elections, at NIS 3.609/$, and the representative shekel-euro rate was set 1.45% lower at NIS 3.96/€.

After the rate was set, the shekel continued to strengthen against the dollar in inter-bank trading, falling a further 0.4% to NIS 3.594 and falling 0.3% against the euro to NIS 3.89/€.

Mizrahi Tefahot Bank chief economist said, “Because of the combination of keeping the interest rate unchanged, which surprised the markets and the optimistic words of US President Biden on achieving a deal within several days. However, looking ahead we see continued fighting on the northern front as well as contradictory estimates on the possibility of a breakthrough on the issues of the hostages.”

Published by Globes, Israel business news – en.globes.co.il – on February 28, 2024.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2024.


Shekels credit: Shutterstock Vladerina32



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