In a significant move to bolster the Israeli shekel, the Central Bank of Israel has announced its plans to sell $30 billion of US dollars.
The decision comes amidst growing concerns over the weakening shekel in the international currency market. The Central Bank aims to strengthen the shekel and stabilize the economy through this strategic move.
“The sale of $30 billion of US dollars is a part of our broader strategy to support the Israeli shekel,” said a spokesperson from the Central Bank. “We are committed to ensuring the stability and strength of our currency.”
This move is expected to increase the demand for the shekel, thereby raising its value against other currencies. Economists predict that this could have significant implications for Israel’s trade and economy.
The Central Bank has not yet disclosed when the sale will take place. However, it has assured that the process will be carried out in a manner that ensures maximum benefit to the Israeli economy.
