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Bank of Israel Buys Nearly $7 Billion in Foreign Currency to Stem Shekel Appreciation

The Bank of Israel said on Sunday it bought $6.832 billion of foreign currency in January, helping to weaken the shekel from a 24-year peak and taking forex reserves to a new record high of $179.5 billion.

Last month, the central bank said it would buy $30 billion of forex in 2021 to try and stem the shekel’s appreciation, after buying $21 billion in 2020.

The shekel hit 3.11 per dollar on January 14, its strongest level since April 1996. With the help of the central bank’s intervention, it has eased back by about 6%, although the Bank of Israel believes that part of the shekel’s strength stems from a weak dollar globally. There was no shekel trading on Sunday, but on Friday the representative rate was set at 3.286. (Haaretz / VFI News)

“God, we ask that you care for the financial security of your people, to return them to health and stability.”