Israel’s foreign exchange reserves at the end of September 2018 stood at $115.459 billion, down $546 million from their level at the end of August, the Bank of Israel reports. The reserves represent 31.5% of GDP. The decrease was the result of private sector transfers of $40 million, government transfers abroad of $264 million, and a revaluation that decreased the reserves by $258 million. the decrease was offset by foreign exchange purchases by the Bank of Israel of $16 million, as part of the purchase program intended to offset the effects of natural gas production on the exchange rate. RELATED ARTICLES Foreign exchange reserves up despite no currency purchases Israel's foreign exchange reserves rose in August Over the past 12 months, the foreign currency reserves have risen from $111.051 billion to $115.5 billion but have fallen from a peak of $117.6 billion in January. The Bank of Israel has used foreign currency purchases of a tool for helping exporters by weakening the shekel. During September, the shekel-dollar rate was stable at around NIS 3.61/$ Published by Globes [online], Israel business news - www.globes-online.com - on October 7, 2018 © Copyright of Globes Publisher Itonut (1983) Ltd. 2018
