March 18, 2020 / 2:47 PM / 20 days ago

Bank of Israel expands use of shekel/dollar swaps by up to $15 bln

TEL AVIV, March 18 (Reuters) - The Bank of Israel said on Wednesday it will allocate up to $15 billion for swap transactions to further expand liquidity in the foreign exchange market.

The central bank will use its foreign currency reserves for the swap transactions, carried out vis-à-vis domestic banks, and for terms of even longer than a week.

“The Bank of Israel will continue to implement this instrument as long as dollar liquidity pressures continue to be very high,” it said.

The shekel has slid some 10% versus the dollar this month.

Reporting by Steven Scheer; Editing by Tova Cohen

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