{"id":1295,"date":"2026-06-07T16:38:30","date_gmt":"2026-06-07T16:38:30","guid":{"rendered":"https:\/\/reliablemovingcrews.com\/?p=1295"},"modified":"2026-06-07T16:38:30","modified_gmt":"2026-06-07T16:38:30","slug":"israel-cenbank-bought-801-million-of-forex-in-may-amid-strong-shekel","status":"publish","type":"post","link":"https:\/\/reliablemovingcrews.com\/?p=1295","title":{"rendered":"Israel cenbank bought $801 million of forex in May amid strong shekel"},"content":{"rendered":"
\n
JERUSALEM, June 7 (Reuters) – The Bank of Israel bought $801 million in foreign currency in May, it said on \u200bSunday, in a bid to combat a strong shekel that is \u200ctrading near a 33-year high against the dollar.<\/div>\n
The central bank said its purchases were made on an ad hoc basis “specifically in order to maintain the orderly functioning of the markets.”<\/div>\n
The \u200bpurchases helped boost the bank’s foreign currency reserves by $3 billion to \u200ba record $238.7 billion in May.<\/div>\n
It was the first time the central \u2060bank bought foreign currency since early 2022. It had sold some $8 billion at \u200bthe outset of the Gaza war in late 2023.<\/div>\n
The shekel had appreciated some \u200b30% versus the dollar since the beginning of 2025, outraging exporters.<\/div>\n
Bank of Israel officials, though, had consistently said they would not intervene as long as there were no market failures, \u200bwhile insisting it was one of many tools it could potentially use if \u200bneeded.<\/div>\n
At the same time, policymakers had taken a cautious view on monetary policy due to \u200cthe \u2060fear of fueling inflation.<\/div>\n
With inflation holding at a rate of 1.9% in April, the monetary committee lowered its benchmark interest rate (ILINR=ECI)<\/svg>, opens new tab<\/span> to 3.75% from 4%. But the shekel continued to appreciate.<\/div>\n
Last week, Bank of Israel Governor Amir Yaron said Israel’s \u200bshort-term interest rates \u200bcould fall at \u2060a faster pace if inflation continues to ease as a result of increased optimism over a ceasefire deal with Iran that \u200bhas pushed down energy prices.<\/div>\n
The bank’s staff had estimated \u200ba key \u2060rate of 3.5% by early 2027.<\/div>\n
Since Yaron’s remarks, the shekel has weakened to 2.95 per dollar from a peak last week of 2.80.<\/div>\n
Ronen Menachem, chief markets economist at \u2060Mizrahi-Tefahot \u200bBank, said Yaron seeks to keep the exchange \u200brate to around 3 since it aligns with a model that links the rate to movements \u200bin the Nasdaq index.<\/div>\n<\/div>\n

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The Bank of Israel bought $801 million in foreign currency in May, it said on \u200bSunday, in a bid to combat a strong shekel that is \u200ctrading near a 33-year high against the dollar.<\/p>\n","protected":false},"author":1,"featured_media":164,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[6],"class_list":["post-1295","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-middle-east"],"yoast_head":"\nIsrael cenbank bought $801 million of forex in May amid strong shekel - Reliable Moving Crews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/reliablemovingcrews.com\/?p=1295\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Israel cenbank bought $801 million of forex in May amid strong shekel - 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