Israel's Central Bank intervenes on the shekel

Monday, 04/07/2016 | 08:13 GMT

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Israel’s Central Bank, following the strengthening of its currency, the shekel, for the fifth consecutive time, purchased today millions of dollars of foreign currency.

Israel's CB purchases the shekel at 3.84

A dealer stated that the Central Bank commenced purchasing at a dollar-shekel rate of 3.84, with the price moving up to 3.85 very fast, while stabilizing at 3.90 amid the Brexit vote.

TheMarker highlighted that the exporters were harmed due to the rising shekel, while in the meantime being able of absorbing a 10% rise in the currency.

The Bank of Israel started booting its FX currency reserves to $96.5 billion from $70 billion since 2008.

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Source: https://www.argusfx.com/en/research-education/market-analysis/news/israel-s-central-bank-intervenes-on-the-shekel

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