The Shekel, the Israeli currency, has recently gained worldwide recognition, and within three months it is expected to become convertible in global currency markets and global financial institutions along with 15 other currencies that do not include any Arab currencies. The Israeli currency will also be available in all major commercial banks in 80 industrial and developing countries worldwide.

This change has improved Israel’s status among investors and credit agencies, and is expected to reduce the risks of changing the currency exchange that the financial sector in Israel faces in world markets, the Israeli newspaper “Ha'aretz” reported.

Currently, the volume of exchange and currencies market worldwide amounts to $5.1 trillion, out of which more than $3 trillion (more than $1 trillion can be immediately exchanged) are being exchanged in the traditional forms and the rest in the alternative derivatives market.

The FTSE Group for stock indicators had surprised the world markets last September by upgrading the status of the Israeli economy from developing-advanced to industrial.

Al-Sharq Al-Awsat, London, February 15, 2008