Bank of Israel Faces Second Glitch in Five Months, Delaying Exchange Rate Publication
The Bank of Israel's website experienced a technical failure on Monday, delaying the release of official exchange rates for the second time in five months. The representative dollar rate was eventually published at 3.171 shekels, down 0.72%. This malfunction, similar to one in June, impacts entities relying on these rates for financial calculations and reporting.
הידיעה ב-5 שורות · תקציר של baba
- Bank of Israel's technical glitch delayed official exchange rate publication for second time in five months.
- The representative dollar exchange rate was set at 3.171 shekels, a 0.72% decrease.
- Similar malfunction occurred on June 15, affecting multiple currency rates.
- Official rates are used as benchmarks for contracts and asset valuations.
- Delays can complicate financial calculations and reporting for various entities.
The Bank of Israel experienced a technical malfunction on Monday, delaying the publication of official exchange rates on its website for the second time in less than five months. The rates, typically released between Monday and Thursday at 3:30 PM, were still unavailable after 4:20 PM.
In response to the delay, the Bank of Israel stated that "due to a technical malfunction, representative exchange rates have not yet been published on the bank's website." The updated data was subsequently transmitted separately to media outlets. The published representative dollar exchange rate was set at 3.171 shekels, a decrease of approximately 0.72% from the previous rate. The euro rate was set at 3.5492 shekels, down about 0.65%, while the pound sterling weakened by roughly 0.58% to 4.2541 shekels.
This incident mirrors a similar technical issue on June 15th of this year, when exchange rates were also delayed, with publication not occurring until after 4:45 PM. At that time, the bank acknowledged the problem was under investigation and confirmed it was a malfunction, noting that rates for other currencies against the shekel were also affected.
Official exchange rates published by the Bank of Israel serve as a benchmark for contracts, transactions, and valuations of assets and liabilities denominated in foreign currency. Although they do not have legally binding status, delays in their release can create difficulties for entities that rely on the daily figures for calculations and reporting.