The Bank of Israel acknowledged it purchased $1 billion in foreign currency in a 'targeted' manner to maintain orderly market activity, according to a statement the bank circulated. In parallel, the government conducted $625 million in additional foreign currency operations, the bank noted.
The Bank of Israel confirmed on Tuesday at 13:44 Jerusalem that it had purchased $1 billion in foreign currency in a "targeted" intervention to maintain orderly market conditions. In a related disclosure, the central bank said the government simultaneously conducted $625 million in additional foreign currency operations. The confirmation marks the latest in a series of interventions this year as the shekel continues to strengthen.
The desk's initial report at 13:44 Jerusalem covered the bank's $1 billion purchase. Within the same update cycle, the desk added that the government had also carried out $625 million in operations, and that the bank had already purchased $1.02 billion in June, as reported by The Zioneer earlier. The confirmation came via the bank's official statement, cited by N12 for the government operations detail. The June purchase data was released by the bank itself, extending a months-long effort to moderate the shekel.
The interventions come amid a strengthening shekel, which The Zioneer reported on June 15 was trading at 2.907 per dollar after a technical glitch correction. The central bank's foreign reserves have been climbing toward $300 billion, standing at $239 billion as of a June 7 background report. The bank also acknowledged a May intervention, as The Zioneer reported on June 7.
The bank described the intervention as "targeted" but did not specify the exact trigger or schedule for future operations. The government's $625 million in operations were not detailed by type or purpose.
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
- Internal intake