Israel’s foreign exchange reserves are at record levels and approaching $90 billion, the Bank of Israel reports. Israel's foreign currency reserves rose to $88,998 million during August, up $574 million from their level at the end of July. The increase was the result of foreign currency purchases by the Bank of Israel totaling $760 million during August to stem the strengthening of the shekel. This amount included $260 million, which was bought as part of the purchase program intended to offset the effects of natural gas production on the exchange rate. RELATED ARTICLES Israel's foreign currency reserves hit new record These rises were partly offset by: a decrease of $17 million derived from private sector transactions; a revaluation that decreased the reserves by about $35 million; and government transfers abroad of about $134 million. Israel's foreign currency reserves have risen for the last five consecutive months. Published by Globes [online], Israel business news - www.globes-online.com - on September 7, 2015 © Copyright of Globes Publisher Itonut (1983) Ltd. 2015
