Israel’s foreign exchange reserves at the end of September 2024 hit a record high of $220.377 billion, an increase of $2.992 billion from their level at the end of August, which was itself a new record, the Bank of Israel reports. The level of the reserves relative to GDP at the end of September was 42.8%. The increase was the result of a revaluation that increased the reserves by about $3.064 billion. This increase was partly offset by the government’s foreign exchange activities totaling about $230 million. RELATED ARTICLES S&P cuts Israel's credit rating as "conflict intensifies" Moody's: Lack of war exit strategy weighed on Israel's rating 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 September and has only sold $8.5 billion in foreign currency since the start of the war, most of it in October and November 2023. The record foreign exchange reserves could provide a vital cushion should the geopolitical situation escalate further and affect the strength of the Israeli currency. Published by Globes, Israel business news - en.globes.co.il - on October 7, 2024. © Copyright of Globes Publisher Itonut (1983) Ltd., 2024.
