The Bank of Israel did not make any foreign exchange purchases in August as the shekel weakened.
Israel’s foreign exchange reserves stood at a record $111.020 billion, at the end of August 2017, an increase of $910 million from their level at the end of July, the Bank of Israel reports. The reserves represent 33.3% of GDP.
The rise came about even though the Bank of Israel did not make any foreign currency purchases during august as the shekel weakened against major foreign currencies. The increase was the result of government transfers from abroad totaling about $423 million and a revaluation that increased the reserves by about $540 million. The increase was offset by private sector transfers of about $53 million.
Israel's foreign currency reserves have risen from $97.626 billion to $111.020 billion over the past 12 months.
Published by Globes [online], Israel business news - www.globes-online.com - on September 10, 2017
© Copyright of Globes Publisher Itonut (1983) Ltd. 2017
Bank of Israel photo; Ariel Yeruzolimsky