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Central Bank Announcement On FX Purchases

ISRAEL

*BANK OF ISRAEL TO BUY $30B IN FOREIGN EXCHANGE THROUGH 2021 (BBG)

  • This timely announcement aims to provide clarity and certainty for markets regarding the banks commitments.
  • Bank remains dedicated to dealing with the sharp appreciation of the Shekel, thus supporting the economy's battle with the economic consequences attached to the Covid crisis.
  • For reference, Bank of Israel bought ~$21 Billion in FX last year
  • USDILS spiked over 1% on the announcement from 3.1150 to above 3.15

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