The Dollar Continues to Rise

Against the backdrop of the Knesset Speaker's speech: the dollar continues to rise

Following the Knesset Speaker's speech and his statement that the Knesset will not accept its depreciation, the dollar has surged and reached a level of 3.85 NIS. In parallel, the Euro has also risen and is trading at 4.12 NIS

(Credit: Shutterstock)

Against the backdrop of Knesset Speaker Amir Ohana's speech and concerns among investors regarding Israel's potential constitutional crisis, the dollar continues to surge and crosses the threshold of 3.85 NIS. This follows a drop to 3.77 NIS after reports of an agreement between coalition and opposition members on a presidential proposal, which has also decreased in value. The Euro is also on the rise, trading at around 4.12 NIS, compared to 4.07 NIS just two days ago.

It should be noted that the dollar has also risen and strengthened against other currencies due to moderate economic growth in the United States in recent weeks. However, the increase against the shekel is relatively high and exceptional.

Ohana's message: The Knesset will not accept being trampled

Yesterday, as mentioned, the Speaker of the Knesset, Amir Ohana, held a special press conference at the Knesset building, where he addressed the expected discussions in the Supreme Court regarding petitions against Basic Laws. The background for this statement was the coalition's preparation for the possibility that Supreme Court judges would intervene for the first time in the history of Basic Laws approved by the Knesset, which is also considered the Constituent Authority.

The Speaker of the Knesset at the press conference (Photo: Yonatan Sindel/Flash90)

"On the eve of the New Year, the State of Israel stands on the brink of crossroads. The need to balance between authorities is sharpening more than ever, as it seems that even the one boundary that has not been crossed yet – the annulment of Basic Laws by the judiciary – may, God forbid, be breached. Tonight, as the Speaker of the Knesset, I seek to set a firm tone: there can and should be no dispute about whether the Knesset empowered the Supreme Court to invalidate or amend Basic Laws. The answer to this is clear, and no one can claim otherwise: No. There is nothing in legislation that authorizes, even indirectly, the courts to do so."

Total backing in the coalition for the Knesset Speaker's speech

In the coalition, following Amir Ohana's speech, Finance Minister Bezalel Smotrich stated, "I support Knesset Speaker and my colleague Amir Ohana for his important remarks. The Supreme Court has no authority to judge or invalidate Basic Laws. The very discussion of petitions to invalidate Basic Laws is a challenge to the Knesset and Israeli democracy, and it once again underscores the importance of the reforms in the legal system that we are leading."

Finance Minister Bezalel Smotrich (Photo: Yonatan Sindel/Flash90)

Justice Minister Yariv Levin also supported Ohana: "I commend Knesset Speaker Amir Ohana for his courageous speech and his unwavering stance regarding the Knesset's position and its authority. I hope that his words will find receptive ears among the justices of the Supreme Court, and that the court will respect the authority of the government and the Knesset, and the sovereignty of the people."

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