The dollar fell yesterday during the trading day to a level of 3.08 shekels. The last time the dollar traded at these levels was in 1996. At the end of the day, the representative rate is set at NIS 3.10. The euro weakened against the shekel to a level of 3.58 shekels. The low exchange rate forced the Bank of Israel to intervene during trading.
After setting the representative rate, the dollar strengthened slightly. Since the publication of the State Comptroller’s report two weeks ago, which criticized the Bank of Israel’s behavior in purchasing foreign currency and increasing the level of balances to a record high of $ 207.5 billion, the Bank of Israel has lowered its profile in the trading rooms.
To this must be added the fact that the currency purchase quota of $ 30 billion, which was announced by the Bank of Israel in early 2021, has been fully exhausted. Exporters continue to warn, but in practice not much has been done. Industry President Dr. Ron Tomer called on the government to intervene and create an aid package for exporters, in view of rising costs.
“The shekel is strengthening thanks to a $ 26-27 billion surplus in the balance of payments. These are the troubles of the rich,” Finance Minister Avigdor Lieberman told Maariv. “On the issue of the dollar, I trust the Governor of the Bank of Israel to know what needs to be done.
“The responsibility for the exchange rate situation lies first and foremost with the Bank of Israel, and it is better that the government does not touch on the issue,” the finance minister stressed. “There are clear rules. Despite the State Comptroller’s criticism of the Bank of Israel, I am not responsible for the Comptroller. It is better for the government and the Knesset to deal with the Bank of Israel as little as possible.”