Bank of Israel Exchange Rates Delayed Due to Government System Glitch

A technical malfunction delayed the publication of representative exchange rates on the Bank of Israel website on Monday, marking the second such incident in less than five months. The rates, which are normally published Monday through Thursday at 3:30 PM, failed to appear on the site past 4:20 PM.

The delay stemmed from a glitch in the Government Publishers and Shared Services system, through which the rates are publicly displayed. The Bank of Israel successfully transmitted the rate data to the system, indicating the malfunction occurred during the presentation phase rather than the calculation process.

According to data provided by the Bank of Israel, the representative US dollar exchange rate was set at 3.171 shekels, reflecting a decrease of about 0.72% compared to the previous rate. The euro rate was fixed at 3.5492 shekels, down by approximately 0.65%, while the British pound weakened by about 0.58% to 4.2541 shekels.

This is not the first time a technical failure has disrupted the publication of representative rates. On June 15 of this year, a similar incident occurred when exchange rates were not published on the Bank of Israel website past 4:45 PM.

Representative exchange rates published by the Bank of Israel serve as a benchmark for contracts, transactions, and the valuation of assets and liabilities denominated in foreign currency. Although they lack binding legal status, a delay in their publication can complicate matters for entities relying on the daily figure for calculations and reporting.