Bank of Israel announces major increase in FX interventions
Central bank announces FX spend in advance for first time and pledges 40% increase
The Bank of Israel’s monetary committee announced the size of its foreign exchange interventions in advance for the first time.
The BoI said it will purchase $30 billion in 2021 in a bid to tackle the appreciation of the shekel. This is an increase of over 40% from the $21 billion bought the previous year.
The central bank said it will carry out the FX interventions as long as they do not depreciate the currency to an extent that is not consistent with the central bank’s price stability
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