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Bank of Israel supports US economy

Bank of Israel buys US dollars to increase reserves to $44 billion. The rest of the world is desperate to dump the dollar. It’s counter-intuitive to stockpile the currency of the country most affected in a major economic crisis. The money will sit idly in the reserves precisely when the Israeli economy is desperate for credit resources.

Bank of Israel is under great pressure from exporters, who need a weak shekel even though it harms consumers.

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