The Bank of Israel will continue to buy foreign currency until the reserves reach a level of between $40 billion and 44 billion

30.11.2008
 
The Bank of Israel will continue to buy foreign currency
until the reserves reach a level of between $40 billion and 44 billion
 
The Bank of Israel has been implementing a program to increase the level of the foreign exchange reserves since 24 March 2008. Since then the Bank has purchased about $10 billion, and currently the reserves stand at about $37 billion. The Bank advises that it has updated its assessment of the appropriate level of the reserves to between $40 billion and $44 billion, and is therefore extending the program, and will continue to purchase about $100 million per business day.
The Bank will continue to review this program from time to time, taking into account changing market conditions.