BoI bought $2.5b foreign currency in August

Shekel-dollar ASAP Creative

Israel's foreign currency reserves have reached a record $161.7 billion but the shekel remains at its strongest for 12 years against the dollar.

Israel's foreign currency reserves have reached a record $161.688 billion but the shekel remains at its strongest for 12 years against the dollar. Israel's foreign currency reserves increased by $4.025 billion in August, the Bank of Israel reports, and the reserves now represent 40.6% of GDP.

The increase was the result of foreign exchange purchases by the Bank of Israel totaling $2.561 billion, a revaluation that increased the reserves by $1.677 billion and private sector transfers of $291 million. The increase was partly offset by government transfers to abroad totaling $504 million.

The reserves have risen by 35% over the past 12 months from $119.812 billion to $161.688 billion.

In the past four months the Bank of Israel has purchased $7.5 billion in foreign currency in attempts to weaken the shekel. Yet the Israeli currency remains at below NIS 3.40/$, at levels not seen since July 2008.

Published by Globes, Israel business news - en.globes.co.il - on September 7, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Shekel-dollar ASAP Creative
Shekel-dollar ASAP Creative
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