Israel's forex market is also the biggest in the land: more than $2 billion is traded every day, compared with $300 million in the stock market and $350 million in bonds.
At its heart, the currency market supports international trade. Importers and exporters trade in currencies to pay suppliers and collect from customers, usually through buying currency conversion services from a trade bank. But in recent years the forex market has become a market of speculators.
JERUSALEM, Nov 30 - The Bank of Israel said on Sunday it would continue to buy foreign currency until forex reserves reach between $40 billion and $44 billion.
The central bank began buying $25 million a day of forex in March and raised it to $100 million a day in July in a plan to boost reserves by $10 billion, which was expected in late November.
The Bank of Israel said in a statement that its reserves have increased already by $10 billion to reach $37 billion and it planned to continue buying $100 million a day of forex until reserves reach between $40 billion and $44 billion.
The shekel <ILS=> has weakenend sharply against the dollar in recent months, partly due to the central bank's forex programme.
Last month, the Bank of Israel said it was considering extending the programme in light of increasing uncertainty regarding the state of the global economy.
At its heart, the currency market supports international trade. Importers and exporters trade in currencies to pay suppliers and collect from customers, usually through buying currency conversion services from a trade bank. But in recent years the forex market has become a market of speculators.
JERUSALEM, Nov 30 - The Bank of Israel said on Sunday it would continue to buy foreign currency until forex reserves reach between $40 billion and $44 billion.
The central bank began buying $25 million a day of forex in March and raised it to $100 million a day in July in a plan to boost reserves by $10 billion, which was expected in late November.
The Bank of Israel said in a statement that its reserves have increased already by $10 billion to reach $37 billion and it planned to continue buying $100 million a day of forex until reserves reach between $40 billion and $44 billion.
The shekel <ILS=> has weakenend sharply against the dollar in recent months, partly due to the central bank's forex programme.
Last month, the Bank of Israel said it was considering extending the programme in light of increasing uncertainty regarding the state of the global economy.
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The Israeli shekel (NIS) is divided into 100 cents (agorot). Easy Forex in Israel.
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The Bank of Israel will continue to buy foreign currency until the reserves reach a level of between $40 billion and 44 billion
The Bank of Israel has been implementing a program to increase the level of the foreign exchange reserves since 24 March 2008. Since then the Bank has purchased about $10 billion, and currently the reserves stand at about $37 billion. The Bank advises that it has updated its assessment of the appropriate level of the reserves to between $40 billion and $44 billion, and is therefore extending the program, and will continue to purchase about $100 million per business day.
The Bank will continue to review this program from time to time, taking into account changing market conditions.
Shekel-dollar options The Bank of Israel sells the public shekel-dollar options of the following kinds:
1. 6-month call options on the representative exchange rate of the US dollar. The purchaser receives the exchange-rate differential created if the representative exchange rate of the US dollar published by the Bank of Israel six months later is higher than the exercise price specified in these options.
2. 6-month put options on the representative exchange rate of the US dollar. The purchaser receives the exchange-rate differential created if the representative exchange rate of the US dollar published by the Bank of Israel six months later is less than the exercise price specified in these options.
The public is entitled to participate in the auctions on these options, which are generally held on a weekly basis, via the banking corporations.
Easy-Forex is a real-time foreign exchange (Forex) trading platform that offers a complete forex dealing room and real-time streaming quotes. Offers free registration, where users can start trading any time by depositing a minimum of USD$25 using their credit cards. Forex in israel
The Bank of Israel will continue to buy foreign currency until the reserves reach a level of between $40 billion and 44 billion
The Bank of Israel has been implementing a program to increase the level of the foreign exchange reserves since 24 March 2008. Since then the Bank has purchased about $10 billion, and currently the reserves stand at about $37 billion. The Bank advises that it has updated its assessment of the appropriate level of the reserves to between $40 billion and $44 billion, and is therefore extending the program, and will continue to purchase about $100 million per business day.
The Bank will continue to review this program from time to time, taking into account changing market conditions.
Shekel-dollar options The Bank of Israel sells the public shekel-dollar options of the following kinds:
1. 6-month call options on the representative exchange rate of the US dollar. The purchaser receives the exchange-rate differential created if the representative exchange rate of the US dollar published by the Bank of Israel six months later is higher than the exercise price specified in these options.
2. 6-month put options on the representative exchange rate of the US dollar. The purchaser receives the exchange-rate differential created if the representative exchange rate of the US dollar published by the Bank of Israel six months later is less than the exercise price specified in these options.
The public is entitled to participate in the auctions on these options, which are generally held on a weekly basis, via the banking corporations.
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