Governor Stanley Fischer of the Israeli central bank raised interest rates by 0.25% to a base level of 0.75% recently. This makes Israel the first nation to raise interest rates following signs of economic recovery, and has served to strengthen currency rates for the shekel for three consecutive days.

Israel joined France, Germany and Japan in emerging from recession in the second quarter, though the decision to raise interest rates has come under criticism as it may undermine economic recovery. Fischer's decision is based on the need to curb inflation while maintaining economic stimulus measures.

Currency exchange rates for the Israeli Shekel are currently trading at 3.79 per US dollar and 6.22 per British pound.

The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.