The decrease was the result of a revaluation that lowered the reserves by $1.81 billion and government transfers abroad totaling $222 million. This was offset by a rise of $285 million from private sector transactions.
Following a foreign currency purchasing program by the Bank of Israel in recent years to weaken the shekel and thus assist Israeli exporters, the country's foreign currency reserves rose from $59.091 billion in December 2009 to a record $78.078 billion in August 2011, before slipping back last month.
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