Bank of Israel sells $30 bln as Shekel collapses

The Central Bank of Israel announced on Monday that it will sell $30 billion in foreign reserves after the shekel collapsed following the Palestinian surprise attack on the 7th of  October.

It is the central bank’s first ever sale of foreign exchange after Israeli stock markets opened on Sunday at the lowest values recorded in over three years, reflecting heightened uncertainty.

The Israeli main index, TA 35 opened with a record low drop of 5.2 percent.

The index continues to drop and is currently falling by -6.10 percent to a value of 1,719.13.

The Palestinian’s Hamas attack on Israel is considered to mark the most powerful attack on Israel since Egypt’s 1973 victory 50 years ago, that is predicted to have a prolonged impact on Israel’s economy.