Israel's foreign currency reserves climb to record

Bank of Israel  photo; Ariel Yeruzolimsky

Foreign currency reserves have now risen for the past seven months, the Bank of Israel reports.

Israel’s foreign exchange reserves stood at a record $89.335 billion at the end of September 2015, an increase of $337 million from their level at the end of the previous month, the Bank of Israel reported today.

The increase was the result of foreign currency purchases by the Bank of Israel totaling $255 million during September, all as part of the purchase program to offset the effects of natural gas production on the exchange rate. In addition, government transfers from abroad totaled about $239 million.

These were partly offset by a decrease of $5 million derived from private sector transactions and a revaluation that decreased the reserves by about $152 million.

Israel's foreign currency reserves have now risen for the past seven months. The shekel has strengthened considerably over the past few days and the Bank of Israel is likely to come under pressure to increase its foreign currency purchases.

Published by Globes [online], Israel business news - www.globes-online.com - on October 7, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

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