After buying $25 billion in foreign currency in the first six months of 2021, the Bank of Israel only bought $500 million last month. Israel’s foreign exchange reserves at the end of July 2021 stood at a record $201.694 billion, the Bank of Israel reports, an increase of $1.519 billion from their level at the end of the previous month. The reserves represent 49% of GDP. The increase was the result of the $500 million in foreign exchange purchases as well as a revaluation that increased the reserves by $1.115 billion and private sector transfers of $8 million. The increase was slightly offset by government transfers abroad totaling $104 million. RELATED ARTICLES Shekel strengthens as Bank of Israel stands back The slowdown in foreign currency purchases partly explained why the shekel has strengthened significantly over the past few weeks. The shekel-dollar exchange rate is close to the NIS 3.20/$ level for the first time since the Bank of Israel's 2021 foreign currency purchasing program was announced in January. Published by Globes, Israel business news - en.globes.co.il - on August 5, 2021 © Copyright of Globes Publisher Itonut (1983) Ltd. 2021
