Foreign exchange reserves fall in September

Bank of Israel  photo; Ariel Yeruzolimsky

The Bank of Israel purchased only $16 million in foreign currency last month.

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.

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

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Bank of Israel  photo; Ariel Yeruzolimsky
Bank of Israel photo; Ariel Yeruzolimsky
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