Israel's foreign exchange reserves nearing $100b

Karnit Flug
Karnit Flug

The Bank of Israel purchased $575 million in foreign currency in September.

Israel’s foreign exchange reserves rose to a record $98.415 billion at the end of September 2016, up $789 million from the end of August, the Bank of Israel reports.

The increase was the result of foreign currency purchases by the Bank of Israel totaling $575 million as the central bank attempted to assist Israeli exporters by tempering the strength of the shekel. In addition, government transfers from abroad totaled $148 million and a revaluation increased the reserves by about $210 million. These were partly offset by private sector transfers totaling about $144 million.

Israel's foreign currency reserves have risen from $89.5 billion 12 months ago and $90.5 billion at the beginning of 2016.

Published by Globes [online], Israel business news - www.globes-online.com - on October 6, 2016

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

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