Thursday , October 21 2021

Bank of Israel completing currency purchases to compensate for the natgas effect on shekel


JERUSALEM, November 12 (Reuters) – The Bank of Israel said on Monday that since 2019, the program of buying foreign currency is ending to offset the effects of natural gas production at the shekel exchange rate, citing the beginning of the sovereign wealth fund.

The central bank has bought $ 13 billion since the program began in 2013, when the Tamar gas field was started. The sovereign wealth fund is expected to start operating in 2019 and start investing money abroad in 2020.

The Monetary Policy Committee said that the bank "will continue to operate in the currency market in case of exchange rate fluctuations that do not comply with the basic economic conditions or when the conditions on the currency market are unordered." (Reports by Steven Scheer, Edition: Tova Cohen)

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