BoI FX purchases expected to neutralize positive shekel fundamentals

ISRAEL - Report 25 Jan 2021 by Jonathan Katz

We view the BoI's committed FX purchases of 30bn USD in 2021 as significant, and basically neutralizing the CA surplus and net FDI. Recent economic indicators for the end of December and January point to deceleration due to the tightening of the lockdown. The upbeat development is the rapid vaccination of 2.6ml people so far (30%), and expectations for opening up in February.

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