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JERUSALEM/LONDON (Reuters) - The Bank of Israel spent $21 billion to try to stop the shekel’s steep appreciation in 2020, with little success. How about $30 billion in 2021?
FILE PHOTO: An Israeli shekel note is seen in this June 22, 2017 illustration photo. REUTERS/Thomas White
That’s the paramount question for the central bank as it steps up its seemingly never-ending battle against huge foreign inflows and a host of other factors boosting a shekel that is increasingly hurting exporters at a time when the economy is already struggling from the coronavirus pandemic.
The shekel has firmed versus the dollar seven out of the last 10 years and chalked up gains against a basket of currencies of Israel’s main trading partners, making it one of the world’s strongest currencies. It gained some 8% against the dollar in 2019, and again last year despite central bank foreign currency purchases of $21 billion.
Publishing date: Jan 25, 2021 • January 25, 2021 • 4 minute read •
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JERUSALEM/LONDON The Bank of Israel spent $21 billion to try to stop the shekel’s steep appreciation in 2020, with little success. How about $30 billion in 2021?
That’s the paramount question for the central bank as it steps up its seemingly never-ending battle against huge foreign inflows and a host of other factors boosting a shekel that is increasingly hurting exporters at a time when the economy is already struggling from the coronavirus pandemic.
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The pacts will normalise relations between Israel and the UAE, but it aims to do much more. The potential for regional détente and investment across real estate, energy and technology is great.
It has been a tough, but illuminating, year. Banks have been tested and, in the main, not found wanting.
Digital adoption has soared as office workers fled home to work. In Beijing, China took the hammer to its financial technology champions. On the political front, there was disharmony and discord. Europe and the UK continued a painful separation; the US fell out with itself.
But there was one ray of light – and it was bright. On August 13, Israel and the United Arab Emirates signed a peace deal that aims to normalize state-to-state relations between the two nations.
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