Online First Journal of Money, Credit and Banking Online 6 Feb 2026FX Interventions and Capital-Constrained Banks: Evidence from USD/ILS Spot, Forward, and Option MarketsMarkus Hertrich · Daniel NathanThis paper uses confidential daily data on the Bank of Israel's (BOI) foreign exchange purchase program in the USD/Israeli new shekel (ILS) spot market from 2013 to 2019 to study how FX interventions …