Bank of Israel to sell up $30B to moderate shekel volatility

By Gokhan Ergocun

ISTANBUL (AA) — The Bank of Israel announced Monday that it would sell up $30 billion in foreign exchange in an effort to moderate volatility in the shekel exchange rate amid ongoing clashes between the Israeli army Palestinian resistance groups.

While USD/ILS exchange rate was at 3.84 on Friday, it had reached 3.92 on Monday, losing about 2% of its value.

"The Bank 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 stated.

The bank also noted that it is prepared to provide up to $15 billion of liquidity to the market through SWAP mechanisms, if necessary.