After ten months of purchasing $100 million a day, the Bank finally gave up on beating the world markets, stopped interventions, and allowed the dollar to fall to its due place against the shekel.
The Bank’s reckless policy leaves Israel with whopping $52 billion of reserves. In a very short while, when the dollar falls against the shekel by no less than 10%, Israeli taxpayers will lose about 18 billion shekels through the devaluation of their dollar reserves.
That’s in a country which could not find 400 million shekels to reinforce Sderot against rocket attacks…
