Bank of Israel Buys $801M in May to Curb Shekel's Surge to 30-Year High

According to the Bank of Israel, the central bank purchased $801 million in May to intervene in currency markets and curb the shekel's strength. The intervention, aimed at maintaining orderly market functioning, increased Israel's foreign reserves by $2.9 billion. The shekel has climbed to near 30-year highs against the U.S. dollar, marking the first such intervention since 2021.
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