Israel's foreign currency reserves surge to record

Karnit Flug

The Bank of Israel bought $700 million in foreign currency in March.

Israel’s foreign exchange reserves stood at a record $94.775 billion at the end of March 2016, up $4.156 billion from their level at the end of the previous month, which was itself a new record, the Bank of Israel reports.

The increase was the result of foreign currency purchases by the Bank of Israel totaling $700 million, of which $300 million were bought as part of the purchase program intended to offset the effects of natural gas production on the exchange rate. In addition, there was a revaluation that increased the reserves by about $1.885 billion, government transfers from abroad of about $1,505 million, and an increase of about $66 million derived from private sector transactions.

Israel's foreign currency reserves have risen from $88.9 billion at the end of 2015 and $84.9 billion twelve months ago.

Published by Globes [online], Israel business news - - on April 7, 2016

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

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