A year ago, the dollar exchange rate was NIS 3.37 and the euro was about NIS 4.
Currently, the two leading currencies in the world have weakened against the shekel by less than 10%.
In a world where interest rates are zero, this is a real weakening.
The Bank of Israel's foreign exchange shopping campaign began a little over a decade ago. Israel began buying energy in shekels, which means that the demand for dollars and euros from the shekel - dropped significantly. The Bank of Israel's artificial demand was supposed to compensate for Israel's real demand for dollars. Huge current - of natural gas, oil and coal.
However, the Bank of Israel is also limited in the volume of purchases.
This year it has already purchased $ 30 billion and amassed more than $ 206 billion.
This is an amount equal to 47% of Israel's gross domestic product.
This is not an ordinary matter in the world - Israel is among the 15 countries that hold the largest foreign exchange reserves, in relation to their GDP.
Now that the balances are so large, they also strengthen investor confidence in the Israeli economy.
Foreign investors invest in the Israeli stock exchange in shekels and most of the demand is led by the multinational companies that operate here, which pay salaries in shekels.
So while exporters are suffering from the situation - from the rise in the price of their goods, without themselves being involved.
But apart from them, Israel enjoys a reduction in its foreign currency debt and also a partial offsetting of import costs.