Israel's foreign currency reserves fell in August

Bank of Israel Photo: Shutterstock ASAP Creative

The foreign currency reserves have fallen for a second successive month after reaching a record 120.108 billion in June.

Israel’s foreign exchange reserves at the end of August 2019 stood at $119.823 billion, a decline of $171 million from their level at the end of July, the Bank of Israel reports. The reserves represent 31.9% of GDP.

The decline was the result of a revaluation that lowered the reserves by $15 million, private sector transfers of $3 million and government transfers to abroad totaling approximately $155 million. The decline was partly offset by foreign exchange purchases by the Bank of Israel totaling $2 million.

The foreign currency reserves have fallen for a second successive month after reaching a record 120.108 billion in June, even though the Bank of Israel has made negligible foreign currency purchases in 2019. The reserves have risen from $116 billion over the past 12 months.

Published by Globes, Israel business news - en.globes.co.il - on September 5, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

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Bank of Israel Photo: Shutterstock ASAP Creative
Bank of Israel Photo: Shutterstock ASAP Creative
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