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Sunday, June 7, 2026
Bank of Israel bought $800 million to limit sharp appreciation of shekel
Add ToI as a Preferred Source on GoogleSharon Wrobel is a tech reporter for The Times of Israel
The Bank of Israel in May intervened in the foreign exchange market and bought $800 million in a bid to stem the sharp appreciation of the shekel, according to its monthly foreign exchange reserves report.
The central bank says the purchases in May were made “specifically in order to maintain the orderly functioning of the markets.”
Last week, the shekel weakened 4.6 percent against the dollar, after the local currency reached a 33-year high against the greenback.
In recent weeks, a host of business leaders and policymakers have criticized the central bank’s cautious monetary policy and apparent failure to act, saying that the recent high in the shekel versus the dollar is harming the economy.
The Times of Israel Community.