BoI foreign currency purchases remain high

Shekel-dollar ASAP Creative

The Bank of Israel has purchased more than $10 billion in foreign currency in the past five months but the shekel-dollar exchange rate remains below NIS 3.50/$.

Israel’s foreign exchange reserves at the end of February 2020 stood at $131.151 billion, up $1,176 billion from their level at the end January, the Bank of Israel reports.. The reserves represent 33.2% of GDP.

During February the Bank of Israel made foreign exchange purchases amounting to $2.764 billion. The Bank of Israel has now bought more than $10 billion inforeign currency over the past five months in attempts to weaken the shekel, yet the shekel dollar exchange rate remains below NIS 3.50/$.

Last month, private sector transfers of $1 million, also increased the foreign exchange reserves but the increase was partly offset by a revaluation that decreased the reserves by $1.205 billion and government transfers abroad totaling $384 million.

Israel's foreign currency reserves have risen over the past 12 months from $117.94 billion to $131.15 billion, a new record.

Published by Globes, Israel business news - en.globes.co.il - on March 6, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Shekel-dollar ASAP Creative
Shekel-dollar ASAP Creative
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