News
James B. Bell
- October 09, 2023
Israel's central bank has announced plans to sell up to $30 billion in foreign exchange in a bid to stabilize the shekel, which has plummeted following a surprise attack by Hamas on the country. The Bank of Israel aims to curb volatility in the shekel exchange rate and ensure the smooth functioning of the markets.
The central bank will actively participate in the market during the foreseeable future to moderate any fluctuations in the shekel exchange rate. Additionally, it will provide liquidity through swap mechanisms, offering up to $15 billion.
As a result of the recent attack, the shekel's value against the U.S. dollar (USDILS, +1.21%) dropped by 1.2% on Monday, reaching its lowest point in seven years at 3.9011 U.S. dollars.
Following the Saturday morning attack, Israel has escalated its bombing campaign in the Gaza Strip and has now declared war. Disturbingly, reports suggest that the death toll has surpassed 700 in Israel and over 400 in Gaza since the outbreak of renewed violence in the region.
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