Israel’s foreign exchange reserves stood at a record $111.309 billion at the end of October 2017, up $258 million from their level at the end of September, the Bank of Israel reports. The reserves represent 33.4% of GDP. The Bank of Israel said that the increase was the result of: foreign currency purchases by the Bank of Israel totaling $260 million, the entire sum bought as part of the purchase program intended to offset the effects of natural gas production on the exchange rate; and government transfers from abroad totaling about $42 million. The increase was offset by: private sector transfers of about $8 million and a revaluation that decreased the reserves by about $36 million. RELATED ARTICLES Deutsche Bank: Shekel overpriced Over the past 12 months, Israel's foreign currency reserves have risen from $97.963 billion to $111.309 billion. Published by Globes [online], Israel business news - www.globes-online.com - on November 7, 2017 © Copyright of Globes Publisher Itonut (1983) Ltd. 2017
