The Bank of Israel said on Monday it will sell up to $30 billion of foreign currency in the open market, in the central bank's first ever sale of foreign exchange, to maintain stability during Israel's war with Palestinian militants in Gaza.
The move appeared to quickly calm the market as the shekel recovered from steep early losses.
"The bank will operate in the market during the coming period in order to moderate volatility in the shekel exchange rate and to provide the necessary liquidity for the continued proper functioning of the markets," it said in a statement.
The central bank also said it would provide liquidity through SWAP mechanisms in the market of up to $15 billion.
Israel continues to fight for a third day since the deadly assault on southern communities by Gaza terrorists and release those held hostage in their homes as the numbers of dead, wounded, and captured continue to be released.
Israeli forces are working to remove the remaining Gaza militants who infiltrated into border communities as the army reports successful strikes on hundreds of military targets in the Gaza Strip.
A Hamas senior official released a statement saying they have over 100 Israeli hostages are being held in Gaza Strip, while Islamic Jihad said they hold at least 30 Israelis hostage.
Prime Minister Benjamin Netanyahu and senior opposition member Benny Gantz are scheduled to meet on Monday morning to discuss entering a coalition war government.
At around 11:26 A.M, the IDF Spokesperson Daniel Hagari announced that the army gained full control, however, there were suspicions of terrorists still in the area. "Control has been achieved in all the communities, but there may still be terrorists in the area. Tanks and aircraft will secure the breaches in the border, we have almost completed evacuating Gaza border residents, however, Sderot will not be evacuated yet."
Hagari added that 300,000 army reservists have been called up making it the "biggest, fastest ever" draft in Israel's history. Additionally, he confirmed that over 4,400 rockets have been fired from Gaza into Israel.
Israel has been striking Hamas and Islamic Jihad positions in the Gaza Strip from land, sea, and air, while two barrages were fired from Gaza into Israel within 30 minute of each other, reaching Jerusalem and the Tel Aviv area.
In his assessment of the situation, Defense Minister Yoav Gallant said that "I ordered a full siege on the Gaza Strip. No power, no food, no gas, everything is closed. We are fighting human animals and we act accordingly."
With regard to talks about forming a unity government with the coalition during the war with Gaza, National Security Minister Itamar Ben-Gvir said that his party would welcome a broad emergency government, "As long as the basis for entering the government is an agreement that the government's goal is defined as the IDF's absolute victory that the government will define for the IDF is absolute victory and crushing of Hamas' military and government."
Benny Gantz's party later demanded that Bezalel Smotrich and Itamar Ben-Gvir not sit in the war cabinet and that no legislation unrelated to the security situation be promoted.
Meanwhile, Chinese news agency Xinhua reported that Qatar is trying to lead a quick prisoner exchange deal between Israel and Hamas. A Hamas source told the news agency that the Qatari proposal involves the release of women held by Hamas in exchange for the release of female Palestinian prisoners held in Israel. According to the report, the U.S. supports the initiative and Hamas has expressed agreement in principle on the condition that all Palestinian female prisoners held in Israel be released.
As of 11A.M., the Gaza Health Ministry reported 493 Palestinians killed and 2,751 wounded in Israeli strikes.
The Israeli Health Ministry announced Monday morning that 2,382 wounded and 700 killed.
Hamas later announced that four Israeli captives and their Hamas captors had been killed in Israeli strikes on the Palestinian enclave since Sunday.
The IDF says that they are working hard to compile a picture of the civilians who were killed and injured and are estimating that in the next 48 hours they will inform all the families what happened to their loved ones.