Israel's forex reserves fell in June
Bank of Israel credit: Shutterstock Alon Adika
"The market sees the war ending soon"
"The market sees the war ending soon"
Israel’s foreign exchange reserves at the end of June 2024 stood at $210.278 billion, a decrease of $232 million from their level at the end of May, the Bank of Israel reports.
Israel’s foreign exchange reserves at the end of June 2024 stood at $210.278 billion, a decrease of $232 million from their level at the end of May, the Bank of Israel reports. The level of the reserves relative to GDP was 41.3%.
The fall was mainly the result of the government’s foreign exchange activities totaling $1.194 billion, (which include a transfer of about $340 million by the government to the Citizens of Israel Fund account). This decrease was partly offset by a revaluation that increased the reserves by $949 million.
Despite announcing in October 2023 at the start of the war a plan to sell up to $30 billion in foreign currency to support the shekel, the Bank of Israel again did not sell any foreign currency in June and has only sold $8.5 billion since the start of the war, most of it in October. In fact the foreign exchange reserves have risen from $197.363 billion to $210.278 billion over the past 12 months.
Published by Globes, Israel business news - en.globes.co.il - on July 7, 2024.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2024.
Bank of Israel credit: Shutterstock Alon Adika