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Speculators test Bank of Israel

The BoI purchased a record of $800 million to stem off a speculative attack on the dollar. The Bank keeps dollar highly overvalued compared to the shekel to promote exports at the expense of consumers and importers.

In the midterm, the BoI’s efforts are doomed as international hedge funds possess vastly larger resources.

As we predicted, the BoI’s reckless policy of supporting the dollar can easily cost Israeli taxpayers in the range of 50 billion shekels, far in excess of export revenues the bank’s policy generated.

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