The shekel appreciated sharply last week

ISRAEL - Report 03 Nov 2021 by Jonathan Katz

The pace of shekel appreciation has accelerated, with the shekel up by 1.5% last week (against the basket of currencies), and by 1.7% in October, as BOI intervention declined. Yet, pressure for appreciation is likely to continue on strong fundamentals and FDI. Private consumption growth slowed as credit card purchases increased by 3.4% saar in Q3 following a 20.4% surge in Q2 due to the cancelling of restrictions. This moderation in Q3 is to be expected following the strong jump in Q2. We are forecasting GDP growth of 4.8% in 2022, with exports and investments continuing to expand rapidly, while private consumption growth slows.

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