Israel’s foreign exchange reserves at the end of July 2024 stood at $213.634 billion, an increase of $3.353 billion from their level at the end of June, the Bank of Israel reports. The level of the reserves relative to GDP was 42%.
The increase was mainly the result of a revaluation that increased the reserves by about $4.278 billion. This increase was partly offset by the government’s foreign exchange activities totaling about $932 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 July 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 $204.665 billion to $213.634 billion over the past 12 months, slightly below the record-ever forex reserves of $213.731 billion in March 2024.
Published by Globes, Israel business news - en.globes.co.il - on August 7, 2024.
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