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The Shekel Appreciated Against All Major Currencies in 2017

The value of the shekel went up 6.7% percent compared to the dollar over the past year

Shahar Ilan 15:1304.01.18

The value of Israel’s currency, the shekel, continued to go up in 2017 as measured against most currencies that are in trading in the country, according to a report by Israel’s government Central Bureau of Statistics published Thursday.

 

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The Manufacturers Association of Israel estimates that the depreciation of the dollar cost Israeli exporters $2.3 billion in revenue in 2017.

 

The shekel. Photo: Bloomberg The shekel. Photo: Bloomberg
The shekel’s value went up 6.7% compared to the dollar in 2017 and 4.6% compared to the euro. The shekel also appreciated by 12.3% against the British pound, 10.2% against the yen, 6.7% against the Jordanian dinar, 6.6% against the Swiss franc, and 4.5% against the Canadian dollar.

 

In 2016, the value of the shekel also increased but it grew stronger at a weaker pace.

 

The appreciation of the shekels continues despite efforts by Israel’s central bank, which has been hoarding dollars. Earlier this year, when the Israeli government collected taxes on the $15.3 billion acquisition of Mobileye by Intel, officials decided not to exchange the money for shekels in order to avoid impacting the exchange rate.

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