The euro strengthened against the dollar, which led to higher reserves in dollar terms.
The Bank of Israel's foreign currency reserves rose by $1.22 billion in July 2010 to $64.31 billion, the highest amount since April.
The increase in the foreign currency reserves was due to a $1.43 billion revaluation caused by the euro's 6% rise against the dollar, which increased the reserves in dollar terms. This was offset by a $204 million in government transfers overseas and a $13 million reduction in reserves held by the private sector.
The Bank of Israel's foreign currency reserves fell by $321 million in June. The Bank of Israel bought no dollars in June.
Published by Globes [online], Israel business news - www.globes-online.com - on August 5, 2010
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