Israel's forex reserves rise above $200b

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Israel’s foreign exchange reserves at the end of January 2023 stood at $201 billion, an increase of $6.782 billion from their level at the end of December 2022, the Bank of Israel reports.

Israel’s foreign exchange reserves at the end of January 2023 stood at $201 billion, an increase of $6.782 billion from their level at the end of December 2022, the Bank of Israel reports. The level of the reserves relative to GDP was 39%.

The Bank of Israel said that the increase was the result of a revaluation of the reserves by $5.631 billion, government transfers from abroad totaling $1.110 billion and private sector transfers totaling $41 million.

The Bank of Israel has continued in 2023 making no foreign currency purchases, as was its practice last year, when it purchased only $356 million in foreign currency. But in 2021 the Bank of Israel purchased $35 billion in foreign currency to help exporters, by moderating the strengthening of the shekel.

Israel's foreign exchange reserves reached a record $213 billion in December 2021.

Published by Globes, Israel business news - en.globes.co.il - on February 7, 2023.