The Shar Hayatzig
What is the representative rate of the shekel (Shar Hayatzig)?
The representative rate of the shekel is a rate set daily by the Bank of Israel. It acts as the rate upon which all business transactions are calculated for that day, so that all parties have a agreed upon rate upon which to base their payments. It is calculated as a weighted average based on the final currency trading hours leading up to its fixing at 3:30pm Mon – Thursday, or 12pm on Friday. (There is no rate for Sundays as no foreign exchange is traded.)
For the most current representative rates please see the following link:
http://www.bankisrael.gov.il/eng.shearim/index.php
Click here to see how the Shar Hayatzig affects the cost of your home.