Shekel-sterling rate slides below NIS 5/�

The shekel-sterling rate slid to a 20-year low yesterday as the UK economy struggles to come to terms with the decision to leave the European Union. The Bank of Israel set the shekel-sterling representative rate down 0.923% yesterday at 4.9598/� - the lowest rate since 1996. Since the Brexit referendum on June 23, sterling has plunged 12% against the Israeli currency.

The latest fall in the value of sterling comes after Governor of the Bank of England Mark Carney cut interest rates to a historic low of 0.25% and expanded the UK's bond buying program. UK interest had been at 0.5% since 2009.

Meanwhile, the shekel is strengthening this morning against the dollar but weakening against the euro. In morning inter-bank trading, the shekel was down 0.23% against the dollar from yesterday's representative rate at NIS 3.811/$ and was up 0.21% against the euro at NIS 4.244/�.

Yesterday, the Bank of Israel set the shekel-dollar representative rate down 0.235% from Monday's rate at NIS 3.82/$, and the representative shekel-euro rate was set down 0.257% at NIS 4.236/�.

Published by Globes [online], Israel business news - www.globes-online.com - on August 10, 2016

Shekel-sterling rate slides below NIS 5/�

Sterling is at a 20-year low against the Israeli currency following the Brexit referendum vote.