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The world's strongest currency



Mecca V.I.P.
May 20, 2007
The world's strongest currency
By Nathan Sheva

Since the begining of 2008, the shekel has gained 15% against the dollar, and slightly more against the British pound and the Canadian dollar.

It is up 8% versus the Swedish kroner and has picked up 24% against the South African rand.

Even the solid euro has had a hard time competing with the shekel, and has fallen from NIS 5.74 at the beginning of April by 12% to yesterday's NIS 5.06 - its lowest rate in five years.

A week ago the president of the European Central Bank, Jean-Claude Triche, praised the euro to the Wall Street Journal, saying the European currency would provide price stability in the medium-term.

The euro is certainly a strong and important currency, and has been flexing its muscles against the dollar in recent years.

But even the powerful euro has had a hard time competing with what has become probably the strongest currency in the world since the beginning of 2008: the Israeli shekel.

The figures speak for themselves: Since the start of the year, the shekel has strengthened against the euro by 9%.

Even compared to the currencies of countries rich in natural resources and raw materials, such as Australia and Canada, it has done well.

One opinion is that the shekel will continue to gain in the next few months against the dollar and euro, at least until the November elections.

The real question is, which elections - those in America or maybe those here in Israel?