All articles tagged with #israeli shekel
Wix will lay off roughly 20% of its workforce, with CEO Avishai Abrahami citing the rapid evolution of AI capabilities and the Israeli shekel’s strength against the dollar, and the company plans to reduce leadership layers to speed decision-making.
Oil prices surged while stock markets and the Israeli shekel fell as investors reacted to the war between Hamas and Israel. Escalating tensions in the oil-rich Middle East spooked investors, leading to a rise in oil prices. The Israeli shekel weakened to its worst level since 2016, prompting the central bank to sell foreign currencies to stabilize the currency. Global investors fear the conflict could spill over to the wider region and impact the fragile global economic recovery.
The Bank of Israel has announced plans to sell up to $30 billion in foreign reserves to support the Israeli shekel, which has weakened to its lowest level in seven years following the recent deadly incursion by Hamas militants. The central bank aims to moderate volatility in the shekel exchange rate and ensure the proper functioning of markets. In addition to the reserve sales, the bank will provide liquidity through SWAP mechanisms. The Israeli economy is expected to recover quickly unless there is a physical attack by Iran, according to Zvi Eckstein, former deputy governor at the Bank of Israel.