Israel's forex reserves climb back above $200b

Bank of Israel credit: Shutterstock

S&P could downgrade Israel again this week

Israel’s foreign exchange reserves at the end of June 2023 stood at $201.891 billion, an increase of $2.270 billion from their level at the end of May, the Bank of Israel reports.

Israel’s foreign exchange reserves at the end of June 2023 stood at $201.891 billion, an increase of $2.270 billion from their level at the end of May, the Bank of Israel reports. The level of the reserves relative to GDP was 38.9%.

The increase was the result of a revaluation that increased the reserves by about $2.957 billion. The increase was partly offset by government transfers abroad totaling $660 million and private sector transfers totaling $27 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 July 6, 2023.