Bank of Israel mulls buying dollars - Israel Business, Ynetnews

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Bank of Israel Governor Stanley Fischer Photo: Gil Yohanan
Bank of Israel Governor Stanley Fischer Photo: Gil Yohanan

Bank of Israel mulls buying dollars

Central bank considers resuming purchase of US dollars in light of depreciation of currency in recent weeks, losses suffered by exporters

Gad Lior
Published: 01.01.13, 07:39 / Israel Business

The Bank of Israel is considering resuming its purchase of US dollars in the foreign exchange market after a long break, in light of the depreciation of the American currency in recent weeks and the losses suffered by exporters.


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The dollar's representative exchange rate reached an eight-month low in the past week, affecting exporters who are already dealing with a recession and fewer orders from the United States, Europe and the Far East.


Over the weekend, the US dollar's exchange rate was set at NIS 3.729, completing a decline of nearly 7% in the past two months.


Following the plunge in the dollar and euro exchange rates in recent weeks, manufacturers are demanding that the Bank of Israel governor intervene in the foreign exchange market.


In the past, the central bank had purchased hundreds of millions of dollars a week in order to artificially raise the dollar rate and help manufacturers, but stopped doing so in the past year following criticism voiced by the International Monetary Fund and OECD.



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