Israel's foreign currency reserves down further in December

The foreign exchange reserves rose nearly $4 billion in 2011.

Israel’s foreign exchange reserves fell by $280 million in December 2011 to $74.87 billion at the end of the year, the third consecutive month the amount declined, the Bank of Israel reports. The reserves rose by nearly $4 billion from $70.9 billion at the end of 2010, but were down by $3.5 billion from the peak of $78.1 billion at the end of May.

The decline in the foreign exchange reserves in December was due to a downward revaluation of $536 million of the reserves and $35 million in government transfers abroad. These were partly offset by a $291 million gain from private sector transactions.

Published by Globes [online], Israel business news - www.globes-online.com - on January 8, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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