The Israeli shekel 'world's worst currency'

The 0.8 depreciation of the shekel makes it the worst currency on the global market.

June 26, 2015 09:54
1 minute read.

Shekel money bills. (photo credit: REUTERS)


Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analysis from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief


Bloomberg news on Thursday dubbed the Israeli shekel the 'World’s Worst Currency' after a roller-coaster week saw it climb 2.1% and, following an intervention by the Bank of Israel, drop .8%.

The shekel had fallen to 3.7754 on the dollar, making it the most depreciated currency of the 30 major currencies tracked by Bloomberg experts globally.

The up-and-down followed remarks made by Bank of Israel Governor Karnit Flug on Monday at the first-ever quarterly monetary press conference, which raised doubts in the market about how serious the bank was in defending the shekel's exchange rate. BOI was forced to intervene and purchase approximately $200 million to quell the spike.

“It’s the Bank of Israel against the market,” Yariv Shalev, a currency dealer at Mercantile Discount Bank in Tel Aviv, told Bloomberg. “The central bank will continue to buy but we don’t see the dollar/shekel coming back to levels we’ve seen in the last week. The market does not believe in the interventions, and it knows the Bank of Israel is very limited,” he added.

Bloomberg's choice of the term 'worst' to describe the currency was unusual, particularly at a time when the future of the euro is in doubt and the Russian ruble is in the toilet; the merit of a currency is seldom linked to small spikes or dips in its value.

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

Workers strike outside of the Teva building in Jerusalem, December 2017
December 18, 2017
Workers make explosive threats as massive Teva layoff strikes continue


Cookie Settings