Israeli Shekel drops to new lows amid fears of war with Hezbollah, Iran
The Israeli Shekel has dropped to new lows amid fears of a full-scale war with Lebanese resistance movement Hezbollah and after markets nosedived earlier this week as an Israeli attack on an Iranian consulate in Syria prompted promises of revenge from Iran.
The Al Ahed news website said in a Saturday report that the Shekel had devalued against euro and other currencies over fears of an escalation in the cross-border confrontation in the north of the occupied Palestine.
Israel and Hezbollah have been trading fire since early October when the Israelis launched the ongoing war on the Palestinians in Gaza.
However, Hezbollah ramped up attacks on Israeli military sites on Saturday after the group’s leader Seyyed Hassan Nasrallah warned that a response to an airstrike that killed Iranian military advisors in Damascus on April 1 will be definite.
Financial market experts told Al Ahed that foreign investors had lost interest in Shekel because of successive security and political incidents that have gripped the Israeli regime, including a decision by the United States last month to green-light a United Nations Security Council resolution demanding a ceasefire in Gaza.
They said that the war in Gaza has left Israel with acute budget deficit problems, resulting in higher inflation rates and lower investment levels.
That comes as Israel’s foreign trade has also suffered badly since the start of the war in Gaza as resistance movements in the region, including Yemen’s ruling Ansarullah movement, have targeted ships and ports facilities linked to the regime to force an end to the regime's aggression on Gaza.
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