March 16, 2020 / 10:31 AM / 18 days ago

Bank of Israel adds liquidity to FX market with dollar-shekel swaps

TEL AVIV, March 16 (Reuters) - Israel’s central bank said on Monday it introduced dollar-shekel swaps to add liquidity to the market in the wake of a steep drop in stocks and the shekel stemming from worries over the coronavirus outbreak.

“In light of the high volatility in the world financial markets and pressure on dollar funding in a large number of economies, the Bank of Israel transacted dollar-shekel swaps with a one week maturity with the domestic banking sector, in order to supply dollar liquidity to domestic banks,” the Bank of Israel said in a statement. (Reporting by Steven Scheer and Ari Rabinovitch; Editing by Tova Cohen)

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