Israel's shekel hits 12-year record high against USD

  • World
  • Tuesday, 24 Nov 2020

JERUSALEM, Nov. 23 (Xinhua) -- The Israeli currency rose to a 12-year record high against the U.S. dollar on Monday, according to the representative exchange rates issued by Israel's central bank.

The shekel exchange rate against the dollar was set at 3.339 shekels for 1 dollar.

Gad Lior, senior analyst for Yedioth Ahronoth daily newspaper, told Xinhua that the jump of the shekel against the dollar is explained by forecasts according to which the Israeli economy will present better data in 2021 compared to the current situation, with more than 900,000 unemployed and 80,000 businesses shut down in 2020.

"In addition, there is a surplus supply of dollars in Israel, with imports declining, and Israelis not purchasing dollars for flights abroad," Lior noted.

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