The currency basket exchange rate rose 0.01% to NIS 3.6541 and is currently 6.997% below the median rate.
During the course of foreign currency trading today, Bank of Israel was forced to inject NIS 350 million to absorb supply and protect the lower limit of the fluctuation band. Banking establishment sources estimate Bank of Israel has acquired about $500 million in foreign currency from the business sector in the past few days, of which $300 million was currency exchange made by the Generali company in order to purchase Migdal Insurance. Bank of Israel’s cash injection for foreign currency acquisition has amounted to NIS 1.7 billion.
The dollar exchange rate dropped today by 0.06% to NIS 3.365, as the US currency weakened on global capital markets. The currency basket exchange rate rose 0.01% to NIS 3.6541 and is currently 6.997% below the median rate. According to banking establishment figures, Bank of Israel’s foreign currency acquisitions since the beginning of the year have amounted to $4 billion, of which $1.2 billion were in January, $1.5 billion were in February, and $1.3 billion were in March. As a result, the central bank has injected a record sum of NIS 13.5 billion, which it reabsorbed through shekel deposit tenders for the commercial banks.