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.
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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.
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