The Bank of Israel reported that it bought $1.7 billion in foreign currency in October, bringing the country's foreign exchange reserves to a record $207 billion. This brings the Bank of Israel's foreign currency purchases in 2021 to $30.5 billion - above its declared target of $30 billion. Despite these large foreign currency purchases, aimed at moderating the strengthening of the shekel in order to assist exporters, the shekel has risen by 6% in 2021 against the basket of currencies of Israel's major trading partners. RELATED ARTICLES Shekel 6% stronger in 2021 and still gaining Why is the shekel so strong? How to invest as the shekel strengthens Even though the Bank of Israel declared in January that it would buy $30 billion in foreign currency this year, Governor Prof. Amir Yaron has subsequently said that it would not hesitate to exceed that amount if necessary. October's purchase of $1.7 billion in foreign currency followed purchases of $1.65 billion in September, $1.64 billion in August and $500 million in July. The Bank of Israel bought $25 billion in foreign currency in the first six months of the year. Published by Globes, Israel business news - en.globes.co.il - on November 7, 2021. © Copyright of Globes Publisher Itonut (1983) Ltd., 2021.
