The Bank of Israel said on Monday it will sell up to $30 billion of foreign currency in the open market, in the central bank's first ever sale of foreign exchange, to maintain stability during Israel's war with Palestinian militants in Gaza.
"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," it said in a statement.
"The Bank of Israel will continue monitoring developments, tracking all the markets, and acting with the tools available to it as necessary," it said.
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Bank of Israel to sell $30 billion of forex to moderate shekel's volatilityBank of Israel to sell $30 billion of forex to moderate shekel's volatility
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Bank of Israel to sell up to $30 billion in foreign exchange as shekel tumblesBarbara Kollmeyer is based in Madrid, where she leads MarketWatch's pre-markets coverage of financial markets and writes the Need to Know column. She has worked in London and Los Angeles for MarketWatch previously. Follow her on Twitter bkollmeyer.
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Israel-Hamas conflict live updates: Israel declares war as death toll in Israel, Gaza passes 900Israeli forces responded to unprecedented attacks by Hamas militants from Gaza. Hezbollah said it attacked Israeli targets near the Lebanon border.
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