"The Dollar Has Moved Against Us" - Israel

http://www.forexhound.com/ArticleImages/Large/US%20Dollar%20xsmall.JPG
Quoting: [link to www.jpost.com]

 style="font-weight: bold;">The Bank of Israel intervened in the foreign exchange market on Thursday for the first time since 1997, buying an undisclosed amount of foreign currency as the shekel-dollar exchange rate fell below the psychological barrier of NIS 3.40.

The move is designed to stem the recent decline in the dollar against the shekel, before it causes serious damage to the economy, in particular to the export sector.

"In light of the exceptional behavior of the shekel exchange rate over recent days, the central bank bought foreign currency," the Bank of Israel said in a statement on Thursday afternoon, while declining to provide further details.

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Posted by PIMPIN TURTLE at 3/16/2008 3:02 AM
Categories: Holy Land,Economics,Middle East
 

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