Israel’s foreign exchange reserves at the end of February 2024 stood at $206.828 billion, an increase of $703 million from their level at the end of the January, the Bank of Israel reports. The level of the reserves relative to GDP was 40.8%. The increase was mainly the result of a revaluation that increased the reserves by about $907 million. This increase was partly offset by the government’s foreign exchange activities totaling about $244 million. RELATED ARTICLES Israel raises $8b in overseas bonds Shekel gains to strongest for 9-months against dollar Despite announcing in October 2023 at the start of the war a plan to sell up to $30 billion in foreign currency to support the shekel, the Bank of Israel again did not sell any foreign currency in February and has only sold $8.5 billion since the start of the war, most of it in October. The foreign exchange reserves have risen from $196 billion to nearly $207 billion over the past 12 months and the reserves are approaching the record $213 billion held in December 2021. Published by Globes, Israel business news - en.globes.co.il - on March 7, 2024. © Copyright of Globes Publisher Itonut (1983) Ltd., 2024.
