BoI resumed huge foreign currency purchases in Nov

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Israel’s foreign exchange reserves at the end of November 2019 stood at a new record of $122.383 billion.

Israel’s foreign exchange reserves at the end of November 2019 stood at a new record of $122.383 billion, up $1.022 billion from their level at the end of October. The reserves represent 31.9% of GDP, the Bank of Israel reports.

Having steadfastly abstained from making major foreign currency purchases to moderate the strengthening of the shekel and assisting exporters since becoming Governor of the Bank of Israel last December, Prof. Amir Yaron is now treading the path taken by his predecessors Dr. Karnit Flug and Prof. Stanley Fischer. In November, the Bank of Israel purchased $1.268 billion in foreign currency. Private sector transfers of $23 million also increased the foreign currency reserves although the increase was partially offset by government transfers abroad totaling $246 million and a revaluation that decreased the reserves by roughly $23 million.

Published by Globes, Israel business news - en.globes.co.il - on December 8, 2019