Israel Tightens Foreign Exchange Rules; Shekel Weakens
This article is for subscribers only.
The Bank of Israel will require reports on foreign-exchange swaps and forwards of more than $10 million a day after a “marked increase” in the volume of these transactions. The shekel declined.
Residents and non-residents will need to report transaction details and the balance of their holdings in swaps and forwards contracts, the Jerusalem-based central bank said today in an e-mailed statement. Non-residents who trade more than 10 million shekels ($2.8 million) in so-called Makam bills and other short-term government bonds in a day will be required to report, it said.