The Bank of Israel said Tuesday it purchased $1 billion in foreign currency in a targeted intervention, alongside $625 million in government foreign-exchange operations, to maintain orderly market functioning amid shekel volatility.
At 13:50 Jerusalem, the Bank of Israel formally announced a $1 billion spot foreign exchange purchase, paired with $625 million in government FX transactions, to maintain orderly market functioning amid shekel volatility. The central bank's statement adds specificity to reports that had emerged minutes earlier.
At 13:44 Jerusalem, The Zioneer reported in rapid succession: a confirmation that the Bank of Israel had intervened with $1 billion (version 1); the disclosure that the government conducted separate $625 million in foreign currency transactions (version 2); and data showing the bank had already purchased $1.02 billion in June alone (version 3). The initial confirmation came via an official statement covered by Israeli media, and the June data was drawn from a bank release. The new announcement at 13:50 now designates the intervention as a spot purchase, clarifying the instrument used.
As The Zioneer reported earlier today (Tue 08:26 Jerusalem), the Bank of Israel's foreign reserves are approaching $300 billion, reflecting a months-long intervention campaign to moderate the shekel's strength. The central bank has repeatedly cited the need to support exporters and maintain financial stability. The backdrop includes a broader context of monetary easing, with the Bank of Israel cutting its benchmark rate to 3.5% in July and warning that recovery hinges on geopolitical stability.
The announcement did not specify a settlement date or indicate whether further spot purchases are planned. Market reaction and the shekel's subsequent movement remain to be monitored.
2 developments
- DevelopingBank of Israel Confirms May Foreign Exchange Intervention
- StrongBank of Israel foreign reserves approach $300 billion as shekel surges, central bank intervenes
- StrongShekel strengthens as Bank of Israel fixes dollar at 2.907 after technical glitch fix
- StrongFinance Ministry greenlights immediate 15b shekel transfer to defense budget
Source and signal
A single-sourced dispatch is never rated Confirmed or Strong. Its Signal strengthens only when a second, independent source corroborates it.
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