Foreign currency reserves drop at Bank of Israel

Commercial banks withdrew funds they deposited at the central bank.

The Bank of Israel's totaled $41.74 billion at the end of January 2009, $587 million less than the all-time high at the end of December 2008.

The Bank of Israel attributed the decline to a $1.9 billion increase due toBank of Israel purchases of dollars on the market, as part of its planned increase in the foreign exchange reserves. This increase was offset by a $1.82 billion reduction in commercial banks' foreign currency deposits with the Bank of Israel, $89 in public sector transfers abroad, and a downward revaluation of $578 million of the foreign exchange reserves.

Published by Globes [online], Israel business news - www.globes-online.com - on February 1, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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