It seems that the the Bank of Israel is ignoring the advice of Prime Minister Benjamin Netanyahu's senior economic advisor, National Economic Council head Prof. Avi Simhon, who opposes foreign currency purchases. The Bank of Israel today reported that the country's foreign exchange reserves at the end of May 2016 rose to a record $96.463 billion, up $779 million from the end of April. RELATED ARTICLES Israel's foreign currency reserves rise sharply The increase was the result of foreign currency purchases by the Bank of Israel totaling $1.225 billion in May, of which $300 million was part of the purchase program to offset the effects of natural gas production on the exchange rate. This was partly offset by: government transfers to abroad of about $57 million; a decrease of about $57 million derived from private sector transactions; and a revaluation that cut the reserves by about $332 million. The foreign currency reserves have risen from $85.8 billion at the end of May 2015, largely due to foreign currency purchases. Published by Globes [online], Israel business news - www.globes-online.com - on June 7, 2016 © Copyright of Globes Publisher Itonut (1983) Ltd. 2016
