Starting in January next year, trading on the Tel Aviv Stock Exchange will take place Monday through Friday, instead of Sunday through Thursday, the Israel Securities Authority and Israeli Finance Minister Bezalel Smotrich announced.
“From victory to growth!” Smotrich tweeted Tuesday afternoon. “Today, we announced a major development, which is part of a broader series of initiatives aimed at propelling Israel’s economy forward after the war.”
According to Smotrich, “Transitioning trading days to Monday through Friday will strengthen the international profile of the Israeli capital market, help attract significant volumes of foreign investment to the local market and empower the Israeli economy in the long term.”
The Israel Securities Authority stated that the change, set to take effect in January, will result in trading concluding at 1:50 p.m. on Fridays, “a reasonable time frame” before the start of the Sabbath.
The economy grew at a 3.7% annualized rate in the first quarter, nearing its long-term growth trend, while annual inflation over the past year fell to 3.1%, slightly above the upper limit of the Bank of Israel’s target range.
Since the end of May, the shekel strengthened significantly, appreciating by approximately 7.3% against the U.S. dollar and 3.8% against the euro.
“Recent weeks have seen considerable uncertainty, against the background of ‘Operation Rising Lion’ [against Iran] and its effects on Israel’s residents and its economy,” said Bank of Israel Gov. Amir Yaron.
“Israel’s economy continues to display resilience in our current complex period,” Yaron added, saying its “strong fundamental underpinnings enabled it to minimize the adverse impact and to maintain stability.”
Minister of Economy and Industry Nir Barkat, who is responsible for Israeli trade, described himself as “extremely optimistic” about Israel’s economy at the JNS International Policy Summit in Jerusalem in April.
Barkat predicted total trade to rise from its current $150 billion to $1 trillion in the coming 15 to 20 years, an annual growth rate of about 10%. “When we get there, Israel’s a superpower,” the minister said.
