No foreign currency purchases in July as reserves fall

Bank of Israel Photo: Shutterstock ASAP Creative

Israel’s foreign exchange reserves at the end of July 2019 stood at $119.994 billion, the Bank of Israel reports.

Israel’s foreign exchange reserves at the end of July 2019 stood at $119.994 billion, a decline of $114 million from $120.1 billion at the end of June, the Bank of Israel reports. The reserves represent 32.5% of GDP. The reserves have risen from $115.8 billion over the past 12 months, although the Bank of Israel has purchased less than $100 million in foreign currency in 2019, despite calls for more intervention as the shekel continues to strengthen.

The decline in the foreign exchange reserves last month was the result of a revaluation that lowered the reserves by $618 million and private sector transfers of $12 million. The decline was partly offset by government transfers from abroad of $516 million.

Published by Globes, Israel business news - en.globes.co.il - on August 7, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

Bank of Israel Photo: Shutterstock ASAP Creative
Bank of Israel Photo: Shutterstock ASAP Creative
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