Israel's foreign currency reserves edge up to new record

Bank of Israel  photo; Ariel Yeruzolimsky

The Bank of Israel purchased $200 million in foreign currency in September.

Israel’s foreign exchange reserves stood at a record $111.051 billion, at the end of September 2017, an increase of $31 million from their level at the end of August, the Bank of Israel reports. The reserves represent 33.3% of GDP.

The Bank of Israel purchased $200 million in foreign currency in September as part of the purchase program intended to offset the effects of natural gas production on the exchange rate. The increase was also the result of private sector transfers of about $13 million and a revaluation that increased the reserves by about $156 million. The increase was offset by government transfers from abroad totaling about $338 million

Israel's foreign currency reserves have risen from $97.963 billion to $111.051 billion over the past 12 months.

Published by Globes [online], Israel business news - www.globes-online.com - on October 3, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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