Great news for the Israeli economy!
After decades of being considered an emerging currency by the international banking community, the Israeli shekel will soon be taking a big step up to being accepted by the world’s financial markets.
Haaretz.com reporter Motti Bassok reports that…
“…within three months it (the shekel) will become fully convertible in the international currency markets along with 15 other currencies. This means that Israel’s shekel will be traded in the global markets, with international financial institutions and speculators buying and selling it in exchange for any of the other 15 convertible currencies of the developed nations. Also, shekels will be available at all the major commercial banks in about 80 developed and developing nations around the world.”
“The change improves Israel’s status among institutional and private investors, and no less importantly, among the international credit rating agencies Moody’s, Standard and Poor’s, and Fitch. It will significantly reduce the exchange-rate risks that Israel’s financial sector faces in the international marketplace.”
For the entire Haaretz.com articleclick here.
This development should help bolster a new level of economic stability that Israel will need over the coming months and years.
The main credit for this change should go to Economist and current Governor of the Bank of Israel, Stanley Fischer.
How does this affect the Jewish Direct Mail market?
Well, since the Shekel is gaining unprecedented value and acceptance world wide, we think that this change will make direct mail marketing for Israeli organizations looking for potential U.S. donors and buyers a bit easier, at least monetarily.