Israel cenbank not ready to stop buying forex -Fischer

JERUSALEM, Nov 16 - Bank of Israel Governor Stanley Fischer said on Monday it is too early for the central bank to stop buying foreign currency to keep the shekel <ILS=> from strengthening.

"In the last few months, we have moved to an interim policy under which we will cease our intervention in the foreign exchange market. But we will not do so until we are certain the market is functioning well," Fischer said at a conference.

In August, the Bank of Israel ended a more than one-year programme of buying $100 million a day of foreign currency and shifted to a policy of buying dollars on days it believed the market had unusual movements.

In October, the central bank bought just $1.27 billion of forex, down from $1.65 billion in September and above $4 billion in August.

"A strengthening shekel makes it tough on exporters," Fischer said, noting that part of the shekel's strength has been a surplus in Israel's current account balance in its balance of payments.

The shekel has advanced about 12 percent since late April to stand at 3.76 per dollar.