Lonely Man of Cake

April 11, 2007

Shekel Shocker

Filed under: General,Israel — lonelymanofcake @ 3:00 pm

The Israeli Shekel continues to strengthen against the US Dollar, and today reached the level of 4.10 NIS to the Dollar for the first time since February 2001.  Other world currencies have been improving consistently against the Dollar in recent months, but according to Professor Stanley Fisher, Governor of the Bank of Israel, there are local reasons as well for the Shekel’s impressive performance:

In economic terms 2006 was one of Israel’s most successful years. This was reflected in the high rate of growth, the decline in unemployment, the improvement in employment, the impressive surplus in the current account, the amount of foreign investment in Israel, and price and financial stability. All this took place against the background of rapid global economic growth, but also in a year in which Israel was engaged in a war.

Read the rest of Prof. Fisher’s speech here, and check back for the 2006 Annual Report here.

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