Bank of Israel - Press Releases - The Bank of Israel will purchase $1.5 billion in 2018 within the framework of the program to offset the effect of natural gas production on the exchange rate
Central bank: boi | Type: statement | Date: 2017-11-23

The Bank of Israel projects that the overall
effect of natural gas production on the balance of payments in 2018 will be
$1.5 billion, an amount identical to the Bank’s assessment of the effect on the
balance of payments in 2017, and it will purchase foreign currency during 2018 accordingly.
This purchase program is an additional
instrument of the Bank of Israel’s monetary policy and of exchange rate policy
which is consistent with it. The Bank of Israel will continue to operate in the
foreign exchange market in situations of exchange rate fluctuations that are
not in line with fundamental economic conditions or when the foreign exchange
market is disorderly.​