BoI bought $1.6b foreign currency in March

Bank of Israel photo: Ariel Yerusalimsky
Bank of Israel photo: Ariel Yerusalimsky

Israel's foreign exchange reserves have climbed to a record $103.3 billion, the Bank of Israel reports.

As the Bank of Israel repeatedly intervenes in foreign currency trading to purchase foreign currency and weaken the shekel to assist exporters, foreign exchange reserves have reached a new record. Israel’s foreign exchange reserves at the end of March 2017 stood at $103.291 billion, an increase of $1.271 billion from their level at the end of February, the Bank of Israel reports. The reserves represent 32.4% of GDP.

The increase was the result of: foreign currency purchases by the Bank of Israel totaling $1.585 billion during March; a revaluation that increased the reserves by about $549 million.

The increase was offset by: government transfers abroad totaling about $649 million: and private sector transfers of about $214 million.

Israel’s foreign exchange reserves have risen from $94.8 billion to $103.3 billion over the past 12 months.

Published by Globes [online], Israel business news - www.globes-online.com - on April 5, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

Bank of Israel photo: Ariel Yerusalimsky
Bank of Israel photo: Ariel Yerusalimsky
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