A change in the Bank of Israel's policy in the foreign currency market in March 2008, July 2008 and August 2009 resulted in devaluation in exchange rates, Calcalist reported Sunday.
According to a report by Avihay Sorezcky of the central bank's research department, which analyzed the effect of the intervention in the foreign currency market on the nominal shekel/dollar exchange rate, the most prominent impact on the exchange rate occurred in August 2008, after the bank increased its involvement in the foreign currency market."
