Foreign exchange reserves up despite no currency purchases

Bank of Israel  photo; Ariel Yeruzolimsky

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.

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.

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

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