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July 28, 2012 12:00 am

International Markets Humble Shekel’s Rise

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Twenty New Shekel, with special text celebrating Israel's sixty years anniversary. Photo: wiki commons.

Market Watch – For nearly a decade, this formerly hyperinflationary coin has been one of the world’s strongest currencies. Over the six years up to the 2008 global meltdown, the shekel had gained 35% and 30% respectively against the dollar and the yen. In the two years before the crunch, the shekel surged 20% and 40% respectively against the euro and the British pound.

The shekel’s pre-meltdown surge reflected half a decade of nearly 5% annual GDP growth, animated by unemployment’s plunge from 10.6% to 6%, inflation’s slumber between 3.8% and a negative 1.9%, the budget deficit’s shrinkage to 0.1% of GDP from 5.1%; and government debt’s drop to 77% of GDP from nearly 100%.

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