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Bank of Israel Moves to Slow Dollar's Decline Against Shekel
[Jerusalem Post] Sharon Wrobel - Bank of Israel Governor Stanley Fischer announced plans on Thursday to dramatically increase the bank's foreign currency reserves over the next two years by buying $25 million of foreign currencies daily, increasing its reserves to $35-40 billion. It currently has about $28b. "The shekel appreciated sharply against the dollar, damaging exporters' profits and threatening the economy. The action is expected to slow down or put a halt to the rapid appreciation of the shekel against the dollar," said Shlomo Maoz, chief economist at Excellence Nessuah.