Smotrich pledges shekel-relief package as currency hits 33-year high vs dollar

Finance Minister Bezalel Smotrich said an assistance package for Israeli high-tech firms harmed by the strong shekel will be unveiled 'in the coming days,' as the currency trades around NIS 2.90 to the dollar, its strongest level since October 1993. Tech founders, who book revenue in dollars but pay salaries and rent in shekels, report that 2026's $8.6 billion in startup raises is worth roughly 20 percent less in local-currency terms than the same fundraises a year ago. Among proposed measures: allowing multinationals such as Nvidia and Microsoft to pay certain corporate taxes in dollars rather than converting to shekels. The IMF still projects 3.5 percent Israeli growth this year, well ahead of the US (2.3 percent) and EU (1.3 percent), underscoring that the strong shekel reflects underlying economic resilience even amid war.