Bank of Israel makes massive dollar buy

Karnit Flug

Traders estimate that the central bank bought at least $400 million this afternoon.

The Bank of Israel intervened in foreign exchange trading this afternoon, buying foreign currency in unusually large amounts. Currency traders estimated the purchases at at least $400 million. The central bank's intervention in presumably the reason that the shekel-dollar exchange rate stabilized at around NIS 3.77/$.

The purchases took place close to the time when the representative shekel-dollar rate was set at NIS 3.768/$. The representative shekel-euro rate was set at NIS 4.067/€, and the representative shekel-sterling rate was set at NIS 4.762/£.

Published by Globes [online], Israel business news - www.globes-online.com - on February 1, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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