Introducing the world's strongest currency: The shekel

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.

Since the beginning of 2008 the shekel has made some serious gains against nearly all the major world currencies. The shekel has gained 15% against the dollar, slightly more against the British pound and the Canadian dollar, as well as 8% versus the Swedish kroner and 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 NIS 5.00 - its lowest rate in five years. Since the start of the year, the shekel has strengthened against the euro by 9%.

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.

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?

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