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Interest SHIR

Shekel overnight Interest Rate (SHIR)

The SHIR will be replacing the Telbor rate in interest rate derivative transactions, and will serve as the overnight interest rate for that day (same-day fixing). 

The decision to replace the Telbor rate is in line with decisions reached in major countries worldwide, according to which IBOR interest rates will be replaced with risk-free overnight interest rates.

The SHIR is equal to the Bank of Israel interest rate, but on days when the SHIR is not published, its value will be the same as it was on the last date of publication.

The Bank of Israel interest rate is determined by the Bank of Israel’s Monetary Committee eight times a year, generally on Mondays at 16:00.  The dates of the Bank of Israel interest rate's publication and application are published each year on the Bank of Israel’s website. [1]

The SHIR will be published on the Bank of Israel’s website ​by 11:00 am each day, except for Saturdays, Sundays, and additional dates as published and updated from time to time

Schedules for the various stages in the process of replacing the Telbor rate will be published on this page

The SHIR interest rate​​

Calculating the SHIR for a relevant period

The Bank of Israel has established a working team to implement the transition to the SHIR, headed by Tsila Billet Blank, of the Money Market and Liquidity Unit, in the Markets Department. 

For further information please call 02-655-2327 or email​.

SHIR – fallback Rate

On October 27, 2022, it was decided that the spread to be calculated for the SHIR interest rate as needed for the Fallback Rate (which serves to transition existing Telbor transactions to SHIR interest rate transactions), will be based on the methodology implemented by ISDA for other IBOR interest rates. In this methodology, the spread is the median, over a period of 5-years, of the gaps between the Telbor and SHIR-Compounded in Arrears.



[1] Publication dates of the Bank of Israel interest rate expected in 2022. The Monetary Committee may reach additional unscheduled decisions without prior notification

The publication by the Bank of Israel is intended solely for the sake of convenience, and does not impose any responsibility on the Bank of Israel