Israel’s foreign exchange reserves at the end of August 2018 stood at $116 billion, up $223 million from their level at the end of July, the Bank of Israel reports. The reserves represent 31.6% of GDP. The increase was the result of: foreign exchange purchases by the Bank of Israel totaling $173 million, all of which were part of the purchase program to offset the effects of natural gas production on the exchange rate; a revaluation that increased the reserves by $262 million; and private sector transfers of $61 million. The increase was offset by government transfers abroad totaling $273 million. RELATED ARTICLES Foreign exchange reserves up despite no currency purchases After reaching a record $117.6 billion in January, the foreign currency reserves fell to $114.7 billion in May but have been increasing since. Published by Globes [online], Israel business news - www.globes-online.com - on September 6, 2018 © Copyright of Globes Publisher Itonut (1983) Ltd. 2018
