Bank of Israel to Purchase 10 Billion US Dollars

Bank of Israel Governor Stanley Fischer announced plans on Thursday afternoon to dramatically increase the bank's foreign currency reserves over the next two years by buying $25 million of foreign currencies daily. "We have been waiting for this move over the past months during which the shekel appreciated sharply against the dollar, damaging exporters' profits and threatening the economy. The action is expected to slow down or put a halt to the rapid appreciation of the shekel against the dollar," Shlomo Maoz, chief economist at Excellence Nessuah, told The Jerusalem Post. Read more...

Posted by Editor at March 21, 2008 09:44 PM