Foreign currency reserves reach record high

The Bank of Israel purchased $255m in July, boosting foreign currency reserves to a record $79.07 billion.

The purchase of $255 million by the Bank of Israel in July helped boost its foreign currency reserves to $79.07 billion at the end of month, a record high, from $78.22 billion a month earlier. The dollar purchases were made under the program to offset the effect on the exchange rate of natural gas production initiated by former Bank of Israel governor Stanley Fischer.

In addition, a revaluation increased the reserves by $668 million, and government transfers from abroad totaled $112 million.

Israel's foreign currency reserves totaled $75.9 billion at the end of 2012, and $74.9 billion at the end of 2011.

Published by Globes [online], Israel business news - - on August 7, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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