Connect with us

Hi, what are you looking for?

Jewish Business News


The Israel Shekel Is Back! Returns to Pre-War Level

The Shekel went back above the 4 to the USD mark last week.

Shekel NIS

The New Israel Shekel (NIS) proved the naysayers wrong and did not plummet to even greater lows against the US Dollar due to the effects on Israel’s economy caused by the Iron Swords War against the Hamas terrorist organization in Gaza. In fact, the opposite has happened and, over the past week, the Shekel returned to almost its pre-war value.

The New Israel Shekel was in danger of crashing after the October 7 Hamas attacks. In the first three weeks of the war, it lost 6.5% of its value against the US Dollar and fell to an eight-year low below the four to the Dollar mark.

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at
Thank you.

But the Bank of Israel set the shekel’s official exchange rate against the Dollar at 3.866 (or one Shekel is worth about $0.26). On October 6 $1 was worth 3.8597 Shekels.

The Shekel dropped in the aftermath of the attack because of the damage it caused to Israel’s economy and the slowdown in the economy expected from the war.

It is costing Israel billions to fund the ongoing fighting, while at the same time it is losing millions in tax revenue as every day passes.

And the number of tourists visiting the country for the month of October dropped by 80% from the number in October 2022.

The strain on the economy coupled with the drop in the Shekel’s value forced the Bank of Israel to sell off some of its foreign currency reserves.

The Bank of Israel (BOI) reported that Israel’s foreign exchange reserves at the end of October 2023 stood at $191.235 billion, a decrease of $7.318 billion from their level at the end of the previous month.

The level of the reserves relative to GDP was 36.8 percent.

The Bank of Israel also released its first monthly report on programs it is operating in the financial markets in view of the war.

For example, it sold up to $30 billion of foreign currencies in order to “moderate the fluctuations” in the value of the shekel and to supply the liquidity required for the continued orderly activity of the markets.



You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...


The Movie The Professional is what made Natalie Portman a Lolita.


After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.