Bank of Israel intervenes in foreign exchange market

Prof. Amir Yaron

The shekel-dollar exchange rate is now at its lowest level since 2008.

Sources inform "Globes" that the Bank of Israel has been intervening in the foreign exchange market to the tune of hundreds of millions of dollars. From the beginning of the year to the end of October, the Bank of Israel's intervention in the market amounted to $15 billion. November's figures will be released early next week.

Today's intervention came after the representative shekel-dollar rate was set, when the rate tumbled towards NIS 3.256/$. The shekel-dollar exchange rate is now at its lowest level since 2008.

The shekel has been strengthening at a gathering pace despite the negative effects of the coronavirus pandemic on the Israeli economy. In November alone, the shekel strengthened by 1.4% against the basket of currencies, and between January and November this year it strengthened by 3.7% to historically strong levels, following appreciation of 8.1% in 2019.

Published by Globes, Israel business news - en.globes.co.il - on December 3, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Prof. Amir Yaron
Prof. Amir Yaron
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