The shekel this week joins 15 other world currencies as legal tender that can be used for trading and banking operations overseas. The Mexican peso has been granted similar status by the Continued Linked Settlement (CLS) Bank. The average daily turnover in global foreign exchange transactions is nearly $2 trillion, and CLS allows same-day settlements.

Several countries already honor the shekel, but joining the CLS gives the shekel the official status of a strong currency. The shekel has appreciated more than any other currency against the dollar in recent months, and the shekel-dollar rate now is trading at 3.307, the lowest since January 1997.

Bank of Israel Governor Prof. Stanley Fischer said the move "reinforces the stability and efficiency of Israel’s banks and financial system, and benefits the entire economy."