Israel's forex reserves fell in May

Bank of Israel credit: Shutterstock Alon Adika

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Israel’s foreign exchange reserves at the end of May 2023 stood at $199.621 billion, a decrease of $2.274 billion from their level at the end of April 2023, the Bank of Israel reports.

Israel’s foreign exchange reserves at the end of May 2023 stood at $199.621 billion, a decrease of $2.274 billion from their level at the end of April 2023, the Bank of Israel reports. The level of the reserves relative to GDP was 38.4%.

The Bank of Israel said that the decrease was the result of a revaluation of the reserves by $2.307 billion, and government transfers from abroad totaling $16 million offset by private sector transfers totaling $49 million.

The Bank of Israel has continued in 2023 making no foreign currency purchases, as was also its practice last year, when it purchased only $356 million in foreign currency. But in 2021 the Bank of Israel purchased $35 billion in foreign currency to help exporters, by moderating the strengthening of the shekel.

Israel's foreign exchange reserves reached a record $213 billion in December 2021.

Published by Globes, Israel business news - en.globes.co.il - on June 7, 2023.