As the shekel continued to strengthen against the dollar, the foreign exchange reserves reached a record $167 billion, the Bank of Israel reports.
Israel’s foreign exchange reserves at the end of November 2020 stood at $166.948 billion, up $6.2 billion from the end of the previous month, the Bank of Israel reports. The reserves represent 41.9% of GDP.
As the shekel is at its strongest against the dollar since 2008, the Bank of Israel said it purchased $1.867 billion in foreign currency in November. The forex reserves were also boosted by a revaluation that increased the reserves by $4.324 billion and private sector transfers of $109 million.
The increase was partly offset by government transfers to abroad totaling $100 million.
Israel's foreign exchange reserves have jumped from $122.4 billion to $166.9 billion over the past 12 months.
Published by Globes, Israel business news - en.globes.co.il - on December 7, 2020
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