After Netanyahu's "crypto plan": How the stock exchange and the dollar are reacting

Prime Minister Benjamin Netanyahu said in an interview on Friday that he has ordered preparations for imposing economic sanctions on Israel and disconnecting from the global economy, through a plan that will include cryptocurrencies. This morning, trading on the Tel Aviv Stock Exchange opened with declines, and the dollar strengthened by 0.1% to a level of 3.115 shekels. The Bank of Israel and other economic factors criticized the remarks.

Prime Minister Benjamin Netanyahu said in an interview on Friday that he has ordered the preparation of a plan that will allow Israel to use alternative payment methods, including cryptocurrencies, to deal with possible restrictions on the financial system. This morning (Monday), trading on the Tel Aviv Stock Exchange opened with declines, for the first time after his remarks. The continuous dollar jumped at the opening of trading by 0.1% compared to the representative rate to a level of 3.115 shekels, and the euro added 0.3% to a level of 3.29 shekels. Later, the gains moderated slightly. The Bank of Israel issued a sharp statement against the remarks, stating that "cryptocurrencies cannot serve as a sanctions-bypass route." Yesterday, a group of more than 100 economists and senior figures in the economy and academia published a warning letter, in which it was written that Netanyahu is leading the country "knowingly towards an international economic boycott and isolation."