The Israeli currency is too strong to be felled by political tensions, according to a Bloomberg report

Analysts cited by Bloomberg news said the Israeli shekel could be the best currency for investment in 2023, according to a report published Tuesday. The rosy prognosis contradicts dire predictions of recession and economic shrinkage that could result from a controversial judicial reform being passed.

The report comes as several sectors of Israeli society have joined in weekly protests against Prime Minister Benjamin Netanyahu's plans to limit the High Court's ability to rule against the legislature and the executive, while giving lawmakers decisive powers in appointing judges. The protests have had a predictably adverse effect on Israel's standing in financial markets. 

Geoffrey Yu, currency and macro strategist at BNY Mellon in London, and Peter Kisler, London-based hedge fund manager at Trium Capital, along with several other analysts, told Bloomberg that the current downtrend in the shekel should not last long. According to them, the shekel was the only currency in the world to strengthen its standing against the dollar over the past decade.... Read More: i24