Israel moves to prop up shekel amid market uncertainty

Israel’s central bank says it will sell up to $30 billion in foreign exchange to prop up the shekel currency following market uncertainty in the wake of Hamas’s incursion from the Gaza Strip.

The central bank issues a statement announcing the plan, saying it “will operate in the market during the coming period in order to moderate volatility in the shekel exchange rate and to provide the necessary liquidity for the continued proper functioning of the markets.”

It adds that it will provide additional liquidity of up to $15 billion in the market as well.

The move comes as the shekel falls to a near eight-year low against the US dollar in early trading today.

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