Shekel ends the week stronger

shekels
shekels

Despite continued volatility on global stock markets, the shekel was virtually unchanged over the past week.

The shekel strengthened on Friday morning against the dollar and the euro. The Bank of Israel set the shekel dollar representative rate down 0.178% from Thursday's rate at NIS 3.927/$, and the representative shekel-euro rate was set down 0.910%, at NIS 4.438/€.

After the representative rate was set the shekel was again stronger against the dollar and the euro in afternoon inter-bank trading, with the rate down 0.40% to NIS 3.911/$ and down 0.46% against the euro to NIS 4.356/€.

Despite continued volatility on global stock markets, the shekel was virtually unchanged over the past week against both the dollar and the euro. September has finally arrived and foreign exchange traders will be waiting to see whether the US Fed does raise interest as had been expected, or postpones the hike due to the chilly winds blowing from Shanghai.

The European Central Bank left the interest rate unchanged at 0.05% and revised thew 2017 growth forecast downwards due to the slowdown in China.

Back in Israel, the government decided to return some of the tax surplus to the public by announcing a 1% cut in VAT to 17%, effective October 1 and a 1.5% fall in companies tax to 25%, effective from January 1 2016. The Bank of Israel slammed the tax cuts and said that the government debt should have been cut instead.

Published by Globes [online], Israel business news - www.globes-online.com - on September 4, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

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