Foreign currency reserves rise over $1b

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

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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