Israel's foreign exchange reserves keep climbing

Bank of Israel  photo; Ariel Yeruzolimsky

The Bank of Israel purchased $260 million in foreign currency in October as the reserves reached a new record.

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.

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 - - on November 7, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

Bank of Israel  photo; Ariel Yeruzolimsky
Bank of Israel photo; Ariel Yeruzolimsky
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