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/€. RELATED ARTICLES Israel's economy grew at 2.5% in Q1 2023 Treasury chief economist cuts growth forecast April CPI reading much higher than expected 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. © Copyright of Globes Publisher Itonut (1983) Ltd., 2023.
