Israel’s currency weakened on Monday after Prime Minister Benjamin Netanyahu said his government would push ahead with a contentious plan to overhaul the judicial system.
(Bloomberg) — Israel’s currency weakened on Monday after Prime Minister Benjamin Netanyahu said his government would push ahead with a contentious plan to overhaul the judicial system.
The shekel slumped 1.6% to around 3.61 per dollar as of 9:10 a.m. in Tel Aviv, snapping two days of gains. Israeli stocks fell more than 1% on Sunday.
Netanyahu said he was set to take “practical steps” this week “to implement our plan to repair the judicial system.”
His cabinet, widely seen as Israel’s most right-wing ever, says the courts have amassed too much power. As a result, the government is seeking to increase its role in selecting judges.
The plan has prompted mass protests by critics who say it would reduce the independence of judges, and unnerved tech and other investors. The shekel has depreciated almost 7% since late January.
Opposition lawmakers halted negotiations last week after parliament — at Netanyahu’s bidding — elected only one, not two, of its representatives to a panel that makes crucial bench appointments.
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