Bank of Israel intervenes heavily in foreign exchange trading

Amir Yaron  photo: Rafi Kutz

This is the central bank's first intervention in the foreign exchange market since Amir Yaron became governor.

The Bank of Israel has intervened in the foreign exchange market. Following the strengthening of the shekel after its decision to refrain from cutting its key interest rate, the Bank of Israel started buying large amounts of dollars, sources inform "Globes". This is the first time that the Bank of Israel has intervened in foreign exchange trading since Amir Yaron took over as governor of the bank.

The shekel-dollar exchange rate is currently 0.11% above today's representative rate, at NIS 3.4649/$.

Yaron has repeatedly said that the central bank retains the possibility of intervening in the foreign exchange market if it comes to the conclusion that the shekel exchange rate has strayed from the range that it has defined. At the conference of former governors held by "Globes", Yaron said, "No-one will receive notice" if the bank decides to use the intervention tool.

Published by Globes, Israel business news - en.globes.co.il - on November 25, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

Amir Yaron  photo: Rafi Kutz
Amir Yaron photo: Rafi Kutz
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