The Bank of Israel purchased $ 4 billion in November as part of the program to intervene in the foreign exchange market in order to moderate the strengthening of the shekel, according to the Bank of Israel’s balance sheet report published today.
This is similar to the $ 5 billion acquisition rate for the first half of the year and despite the completion of the $ 30 billion acquisition plan reached earlier this year.
It seems that the Bank of Israel did not sit idly by while the shekel recorded a sharp appreciation and the dollar fell against it to a 26-year low, while the euro fell to a 20-year low.
On November 8, it was estimated in the market that the Bank of Israel intervened in the foreign exchange market on a large scale, against the background of the dollar falling against the shekel after the representative was set. The representative dollar was set at NIS 3.10. Israel did not respond at the time.
A few days later, the Governor of the Bank of Israel, Amir Yaron, referred to the exchange rates at a conference held at Tel Aviv University and said that “as we have already shown, the $ 30 billion threshold does not constitute a top barrier to intervention. “The policy depends on the state of the economy and the continuation of economic activity. We will not be indifferent to changes that do not correspond to the basic data of the economy,” he said.