Bank of Israel announces $30 billion reserve sale following conflict in Gaza Strip

The Bank of Israel has announced that it will provide up to $45 billion in support to bolster the shekel following the conflict in the Gaza Strip. It was stated that $30 billion of this amount will be provided through direct sales, while $15 billion will be provided through swap mechanisms.

The following statement was made by the Bank of Israel:

"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."

$15 BILLION WILL BE VIA SWAP

The statement also provided information that, in addition to the $30 billion program, the Bank of Israel will provide up to $15 billion in liquidity to the markets through SWAP mechanisms. The shekel had fallen to its lowest level against the dollar since 2016 at the market opening today.