The Bank of Israel said on Monday it planned to sell up to $30bn of dollar reserves to support the shekel after the market fallout from Hamas’s attacks on the country pushed the currency to a seven-year low.
The shekel slumped to a seven-year low against the dollar on Monday morning and continued to fall despite the central bank’s announcement to trade 2.3 per cent lower on the day at Shk3.9354, its weakest level since 2016.
The central bank, which has about $200bn of foreign currency reserves, said it wanted to “moderate volatility in the shekel exchange rate and to provide the necessary liquidity for the continued proper functioning of the markets”.
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