Bank of Israel in the red by $4.9 billion

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The Bank of Israel on Thursday reported a net loss of 17.9 billion shekels ($4.9 billion) last year compared with a modest profit of 1.4 billion shekels the previous year.

The central bank said the turnaround largely reflected exchange rate differentials owing to a stronger shekel. The central bank said 17.6 billion shekels of the 17.9 billion shekel losses derived from the revaluation of the foreign exchange reserves at the end of the year and a strengthening of the shekel against the major cur

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