Bank of Israel Intervenes Again With Over $1 Billion Forex Purchase in June
The Bank of Israel intervened in the foreign exchange market for the second consecutive month in June by purchasing $1.03 billion. This amount is approximately 30% higher than the $800 million bought in May. The central bank stated that the June purchase was made "specifically to maintain the orderly functioning of the markets," echoing the rationale given for the previous intervention.
By the end of June, the Bank of Israel's foreign currency reserves totaled $238.7 billion, an increase of $18 million compared to the end of May. The reserves represented 37.2% of the country's gross domestic product (GDP). The growth in reserves was also attributed to government foreign currency operations amounting to about $625 million.
These interventions reflect the Bank of Israel's ongoing efforts to stabilize the currency market amid economic fluctuations. The central bank's actions aim to ensure market stability and support the Israeli economy.
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