Israel's foreign currency reserves rise sharply

Bank of Israel photo: Ariel Yerusalimsky

The Bank of Israel purchased $1.2 billion in foreign currency in April in efforts to curb the shekel's appreciation.

Israel’s foreign exchange reserves stood at $95.685 billion, a new record high, at the end of April 2016, up $904 million from their level at the end of March, the Bank of Israel reports.

The increase was the result of: foreign currency purchases by the Bank of Israel totaling $1.2 billion during April in efforts to curb the continued strengthening of the shekel: and a revaluation that increased the reserves by about $42 million.

These rises were partly offset by: government transfers abroad of about $336 million; and a decrease of about $2 million derived from private sector transactions.

Israel's foreign currency reserves have risen by nearly $10 billion over the past year, mainly through purchases of foreign currency by the Bank of Israel.

Published by Globes [online], Israel business news - www.globes-online.com - on May 5, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

Bank of Israel photo: Ariel Yerusalimsky
Bank of Israel photo: Ariel Yerusalimsky
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