As of Monday, the New Israeli Shekel became of 17 world currencies that can be traded in multi-currency banks.

“This is a significant step in Israel’s increasing integration into the global economy. By reducing settlement risk in FX transactions, vital to Israel’s open economy, it reinforces the stability and efficiency of Israel’s banks and financial system, and benefits the entire economy,” Governor of the Bank of Israel Stanley Fischer said on Monday.

The Bank of Israel has pressured Israeli banks for years to meet CLS criteria, an important step in upgrading Israel’s financial infrastructure.

“Following regulatory approval, the Mexican Peso and Israeli Shekel have been designated as CLS Bank Settlement Eligible Currencies,” the CLS statement said. “The extension of the CLS Bank service to these currencies enhances systemic stability in the settlement of foreign exchange transactions, and over half of all CLS Bank Members will be able to settle in these two currencies immediately.”

The shekel and Mexican peso join 15 other currencies in the CLS bank’s system including the US, Australian, Canadian, New Zealand Hong Kong and Singapore dollars, the Danish and Norwegian krones, the euro, the yen, the Korean Won, the South African rand, the Swedish krona, the Swiss franc and the UK pound sterling.