Bank of Israel digs in for long fight against strong shekel

The Bank of Israel has been grappling with a steady rise in the value of the shekel, but policy-makers say they are willing to be patient.

The currency is up 8% against the dollar over the past 12 months, and its strength is one factor holding inflation below target – prices rose just 0.4% year on year in October. The central bank has been intervening to resist the currency’s rise.

“We evaluate the effectiveness of our policy over longer horizons,” Andrew Abir, head of market operations and a

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