Israel’s foreign exchange reserves at the end of July 2018 stood at $115.782 billion, up $950 million from their level at the end of June 2018, the Bank of Israel reports. The reserves represent 32.1% of GDP. The increase comes despite no foreign currency purchases by the Bank of Israel in July and stems for the most part due to a devaluation of the shekel against the dollar last month. Consequently, the foreign exchange reserves were revalued upwards by about $602 million. In addition, government transfers from abroad totaled about $337 million and there were private sector transfers of about $11 million. RELATED ARTICLES Foreign banks believed pressing for Israeli interest rate hike Israel's foreign exchange reserves fall fourth straight month Israel's foreign currency reserves have risen from $110.11 billion to $115.78 billion over the past 12 months. The foreign exchange reserves reached a record $117.62 billion in January and after falling for five consecutive months, have risen for the past two months. Published by Globes [online], Israel business news - www.globes-online.com - on August 7, 2018 © Copyright of Globes Publisher Itonut (1983) Ltd. 2018
