Foreign currency reserves fall

Israels foreign exchange reserves totaled $78.52 billion at the end August 2013, down $552 million from the all-time high of $79.07 billion at the end of July.

Israels foreign exchange reserves totaled $78.52 billion at the end August 2013, down $552 million from the all-time high of $79.07 billion at the end of July, the Bank of Israel reported today.

The decrease was due to a $191 million downward revaluation of the reserves and $787 million in government transfers abroad. These factors were partly offset by $290 million in foreign currency purchases by the Bank of Israel under its program to offset the effect of natural gas production on the exchange rate, and $136 million in private sector transfers to Israel.

Published by Globes [online], Israel business news - www.globes-online.com - on September 3, 2013

Copyright of Globes Publisher Itonut (1983) Ltd. 2013

 
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