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Israel’s New War: Bank of Israel vs. Speculators

by Tzvi Ben Gedalyahu

(IsraelNN.com) Speculators took the upper hand in the war on the local currency Tuesday and drove down the shekel-dollar rate to 3.72, an eight-month low. Bank of Israel Governor Stanley Fischer is expected to bring out his ammunition, billions of shekels that gobble up dollars in an effort to prop up the rate.

 The “battle of the shekel” began last year, when the shekel-dollar rate sank to 3.25, a 12-year low. It had been growing stronger for nearly five years as Israel enjoyed unprecedented economic growth and near zero inflation, making the Jewish State’s economy one of the strongest in the world.

Read more by clicking the follwing link: http://www.israelnationalnews.com/News/News.aspx/133545