Shekel gains as IMF raises Israel growth forecast

Shekel Photo: ASAP Creative

The IMF has revised Israel's growth forecast for 2021 upwards from 4.1% to 5%.

The shekel is strengthening today against the dollar and stable against the euro. Earlier today, the Bank of Israel set the representative shekel-dollar rate 0.331% lower from Monday, at NIS 3.309/$, and the representative shekel-euro rate was set 0.102% higher, at NIS 3.908/€.

In late afternoon inter-bank trading, after the rate was set, the shekel continued to strengthen, and was down 0.33% against the dollar at NIS 3.298/$ and down 0.10% against the euro at NIS 3.904/€.

Despite the ongoing political uncertainty in forming a new government, and the likelihood of a fifth round of elections later this year, the shekel has been boosted by the International Monetary Fund's (IMF) Global Economic Report published today. The IMF has revised Israel's growth forecast for 2021 upwards from 4.1% to 5% due to the successful rollout of the country's vaccination drive.

The shekel has been trading stably in the NIS 3.26/$ - NIS 3.34/$ range since mid-January when the Bank of Israel announced that it would buy $30 billion in foreign currency in 2021.

Published by Globes, Israel business news - en.globes.co.il - on April 6, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Shekel Photo: ASAP Creative
Shekel Photo: ASAP Creative
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