Israel's central bank will report more regularly on international money transactions.

A representative for the Bank of Israel said Tuesday that local banks have been asked to report more often on the movement of money into and out of Israel.

The latest instruction follows a period of volatility in the Israeli shekel following the announcement of intentions to overhaul the judiciary.

The representative stated that banks have been instructed to provide weekly rather than monthly reports.

Experts have linked the performance of the shekel to the uncertainty surrounding Prime Minister Benjamin Netanyahu's intention to reform Israel's judicial system.

His proposal, which has already obtained preliminary parliamentary support, would grant the government greater influence over the selection of judges and limit the Supreme Court's ability to strike down laws.

Opponents of the proposals assert that Netanyahu, who is on trial for corruption accusations he denies, is pursuing measures that will weaken Israel's democratic checks and balances, enable corruption, and result in international isolation.

Proponents argue that the measures are necessary to rein in what they perceive to be an aggressive court that meddles in politics.

Since the ideas were unveiled in January, the shekel has fallen against the dollar, scaring investors who are concerned that Israel may join the rising number of emerging nations adopting a more authoritarian approach to decision-making.

In one month, its losses against the U.S. dollar reached nearly 10% last week, a three-year low.

The shekel rose 2% to 3.59 per dollars on Monday following news that a compromise on the problem may be imminent.

By fLEXI tEAM