Foreign currency reserves fall in September

Israel's foreign currency reserves had reached a record $78 billion in August.

Israel's foreign currency reserves fell by $1.747 billion in September to $76.331 billion, the Bank of Israel reported.

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.

Published by Globes, Israel business news - www.globes-online.com - on October 9, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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