Bank of Israel to sell $30 billion to stabilise shekel

Exchange rate fell sharply following Hamas attack on October 7

The Bank of Israel
Photo: David Vaaknin

The Bank of Israel (BoI) will carry out a $30 billion foreign exchange intervention programme to stabilise the shekel, it announced today (October 9).

The programme represents around 15.1% of the central bank’s total reserves, which stood at $198 billion in September.

The shekel depreciated by 2% today, following the major attack launched on the country by the Islamist group Hamas from Gaza on October 7. Israeli authorities have confirmed over 700 civilians and troops have been killed.


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