Foreign exchange reserves rise despite zero currency purchases

Bank of Israel Photo: Shutterstock ASAP Creative

Israel’s foreign exchange reserves stood at $118.208 billion at the end of March 2019 – a new record.

Israel’s foreign exchange reserves stood at $118.208 billion at the end of March 2019, up $271 million from their level at the end of February, the Bank of Israel reports. The reserves represent 32% of Israel's GDP.

The foreign exchange reserves rose to a new record, even though no foreign currency was purchased in March 2019, and the Bank of Israel only purchased $32 million in foreign currency in the first quarter of 2019.

The rise in the foreign exchange reserves in March were due to government transfers from abroad totaling $125 million and a revaluation that increased the reserves by $157 million. The increase was offset by private sector transfers of $11 million.

Published by Globes , Israel business news - en.globes.co.il - on April 7, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

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Bank of Israel Photo: Shutterstock ASAP Creative
Bank of Israel Photo: Shutterstock ASAP Creative
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