In a directive issued last week by Bank of Israel's Supervisor of Banks Yoav Lehman Israel’s banking business day will be extended by three and a half hours beginning from February 21, from 3 pm to 6:30 pm.
According to the directive the banking business day will be extended by one hour on Fridays and holiday eves, from 1 pm to 2 pm.
Lehman's directive emphasized that: “The extension of the business day is intended to enable the creation of closer correspondence between the banking business day and the banks' operating day. There will be no difference between effecting a transaction in the morning and effecting it in the afternoon of the same day. In both cases, the transaction will be recorded with that day's value date."
In a separate statement the Bank of Israel noted that it would not change the times it publishes representative exchange rates: 3:30 pm on weekdays, and 12:30 pm on Fridays and holiday eves.