Israel's foreign currency reserves hit a new record in August even though the Bank of Israel made no foreign currency purchases.
Israel’s foreign exchange reserves at the end of August 2016 stood at a record $97.626 billion, up $233 million from their level at the end of the previous month, the Bank of Israel reported today.
In fact, no foreign currency purchases were made during August despite the strengthening of the shekel. The increase was the result of private sector transfers totaling about $102 million and a revaluation that increased the reserves by about $137 million. These were partly offset by government transfers abroad totaling about $6 million.
Israel's foreign currency reserves have risen from $89 billion last August and $90.58 billion at the end of 2015. The rise in foreign currency reserves is likely to quicken this month amid reports that the bank of Israel bought $300 million in foreign currency yesterday as the shekel continues to strengthen.
Published by Globes [online], Israel business news - www.globes-online.com - on September 7, 2016
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Karnit Flug