One explanation for the continuing strength of the shekel is that despite the Bank of Israel's commitment to purchase foreign currency to offset the effect of natural gas production on the balance of payments, the country's foreign exchange reserves have fallen for the second consecutive month. Israel’s foreign exchange reserves at the end of November 2015 stood at $88.822 billion, down $408 million from their level at the end of October, the Bank of Israel reports. RELATED ARTICLES Bank of Israel to buy $1.8b foreign currency in 2016 The decrease was the result of: government transfers to abroad of about $73 million; and a revaluation that decreased the reserves by about $900 million. These were partly offset by foreign currency purchases by the Bank of Israel totaling $505 million and an increase of $60 million derived from private sector transactions. Israel's foreign currency reserves had reached a record $89.335 billion at the end of September 2015. Published by Globes [online], Israel business news - www.globes-online.com - on December 7, 2015 © Copyright of Globes Publisher Itonut (1983) Ltd. 2015
