Israel’s foreign exchange reserves at the end of May 2020 stood at a record $142.513 billion, up $8.966 billion from their level at the end of the previous month, the Bank of Israel reports. The reserves represent 35.5% of GDP. The increase was the result of foreign exchange purchases by the Bank of Israel totaling $2.623 billion in efforts to help exporters by weakening the shekel. In addition the forex reserves were boosted by government transfers from abroad totaling $5.149 billion and a revaluation that increased the reserves by $1.688 billion. RELATED ARTICLES Shekel weakens but stays well below NIS 3.50/$ The increase was partly offset by private sector transfers of $494 million. Over the past 12 months, Israel's foreign currency reserves have risen 21% from $118.124 billion to $142.513 billion. Published by Globes, Israel business news - en.globes.co.il - on June 7, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020
