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The Bank of Israel is once again intervening in an effort to slow down the steep decline in value of the American dollar against the shekel which has hit Israeli exporters hard.
The central bank announced Thursday it will begin buying on average $100 million per day effective immediately, up from the $25 million sum which it announced it would purchase in March. The move comes as part of the bank's efforts to raise its foreign currency surplus to the $35-40 billion range.
News of the bank's Bank officials said the decision to accelerate its purchase of dollars was reached after analysts concluded a careful appraisal of current market conditions. "The Bank of Israel will continue to examine this plan periodically, while taking into account the changing market landscape," the bank said in a statement.
Foreign currency traders predicted the bank's move would push the value of the dollar up significantly. "The dollar will go up now, and afterwards there will be a sell-off, and then there will be a long-term rise.
Originally posted by Max_TO
Dollar jumps 4% as Israel Bank announces plan to buy $100M a day
Benefits to Israel of U.S. Aid
Since 1949 (As of November 1, 1997)
Foreign Aid Grants and Loans
Other U.S. Aid (12.2% of Foreign Aid)
Interest to Israel from Advanced Payments
Total Benefits per Israeli
Cost to U.S. Taxpayers of U.S.
Aid to Israel
Interest Costs Borne by U.S.
Total Cost to U.S. Taxpayers
Total Taxpayer Cost per Israeli
Originally posted by mybigunit
This is not good because this means we will be starting another war here soon.
Originally posted by Lightmare
The critics can speculate all they want. But if you ask me, this is a pretty clear indicator of what I have known to be true for a while now. Israel really is a very good friend to the United States.
Seems to me that Israel very much deserves our gratitude.
Originally posted by Techsnow
I agree that Russia and America are most likely secretly holding hands. There are too many coincidences. They just seem a little too cozy.
I think the agenda is set for the world and I believe Russia is only playing Iran.
[edit on 10-8-2008 by Techsnow]