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On Wednesday, February 19, 2020, the token falls in the capital markets in the US and around the world, because the virus is deadly, contagious and is here to stay for the time being.

The markets go down daily at sharp rates and end on March 23,

Reductions of up to 30% !!!

The situation in those days is mainly illiquidity in all traded channels.

Then the central banks intervene and do what they know best to do and that is print money. Purchase bonds, roll in daily credit (repo)

In Israel, the Bank of Israel utilizes foreign exchange reserves - NIS 130 billion

And executes 15 billion swap transactions. Clarification - this is not a conversion of a dollar to a shekel, but a conversion to today and a purchase for another year.

In addition, the Bank of Israel purchases NIS 50 billion from government institutions in the first phase.

These are actions designed to restore liquidity to capital markets and forex trading rooms and keep daily interest rates low.

Then the governments of the United States and Europe also announced unprecedented aid programs.

 America as America aid $ 2 trillion ($ 2 trillion) and Europe also formulates hundreds of billions in emergency plans.

And ... the markets calmed down for the time being, the stock exchanges made a correction move

The dollar that climbed above 3.80 drops to levels below NIS 3.60.

The euro that crossed the NIS 4 fell to levels of NIS 3.96

And what next ...

The closure and shutdown of almost the entire Israeli economy are leading the way

 Unemployment rate per million women and men.

The expected deficit rate will be in the optimistic estimates of 10%

I cautiously estimate that the declines in the capital markets have not ended and the dramas in the virus arena will continue at least throughout April.

The relatively low exchange rate of the dollar this morning, NIS 3.58, is a good basis for purchasing a dollar.

I estimate that the most reasonable level for the exchange rate is: