Bank of Israel/ Wikipedia
As expected, the Shekel slid considerably against all major currencies in trading on Monday, due to the security situation. The ten most important world currencies all increased in value against the New Israel Shekel (NIS) by more than 1%.
The US Dollar jumped in value against the Shekel by, 1.217% hitting 3.91 NIS to $1. The Euro hit 4.1196 NIS, an increase of 1.157%, the British Pound hit 4.7617 NIS, an increase of 1.158% and the Canadian Dollar increased by 1.63% against the Shekel hitting 2.8616 NIS.
This could have been worse, but the Bank of Israel (BOI) announced a program to sell up to $30 billion in foreign exchange. The Bank will operate in the market during the coming period in order to moderate volatility in the shekel exchange rate and to provide the necessary liquidity for the continued proper functioning of the markets.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at [email protected].
Thank you.
In addition to the $30 billion program, and as necessary, the Bank will provide liquidity to the market through SWAP mechanisms in the market of up to $15 billion.
The Bank of Israel will continue monitoring developments, tracking all the markets, and acting with the tools available to it as necessary.
Israel’s foreign exchange reserves at the end of September 2023 stood at $198.555 billion, a decrease of $4.301 billion from their level at the end of the previous month. The level of the reserves relative to GDP was 38.1 percent.
The BOI said the decline was mainly the result of a revaluation that decreased the reserves by approximately $3.912 billion, and by government transfers to abroad totaling approximately $409 million.
Israel is ready for an extended period of war after Hamas terrorists slaughtered countless unarmed innocent civilians, including children and entire families.
