The Bank of Israel purchased a total of $ 6.832 billion in January

The Bank of Israel purchased a total of $ 6.832 billion in January, according to data published today (Sunday) by the Bank. As part of its annual plan for 2021, the Bank of Israel, headed by Governor Amir Yaron, announced its intention to purchase $ 30 billion during the year. 23% of the amount was purchased as early as January.
Foreign exchange reserves amounted to $ 179.5 billion at the end of January 2021, representing 44.9% of GDP. This amount represents an increase of $ 6.2 billion compared to the end of 2020, when in addition to acquisitions, $ 287 million was received from government transfers from abroad, but offset by a revaluation of reserves. Of $ 857 million, and transfers of $ 52 million to the private sector.
The amount that the Bank of Israel has stated that it intends to buy in 2021, which stands at NIS 30 billion, is a high amount compared to recent years, and it indicates a greater involvement of the Bank in the foreign exchange market, in order to combat the effects of the appreciation of shekels. The bank as a whole purchased NIS 21 billion, which is also high compared to previous years, and is required due to the corona crisis and its impact on the markets.
The dollar exchange rate today stands at NIS 3.286 per dollar, when it rose by 2.21% from the beginning of the year, but in the last 12 months it has fallen by 4.81%.