Israel’s foreign exchange reserves at the end of June 2017 stood at a record $108.706 billion, up $1.339 billion from their level at the end of the previous month, the the Bank of Israel reports. The reserves represent 33.4% of GDP. The increase was the result of foreign currency purchases by the Bank of Israel totaling $664 million, of which $140 million was purchased as part of the purchase program intended to offset the effects of natural gas production on the exchange rate. A revaluation increased the reserves by about $712 million and private sector transfers of about $55 million also contributed to the increase. The increase was offset by government transfers to abroad totaling about $92 million. RELATED ARTICLES Shekel depreciation gains momentum Deutsche Bank sees shekel weakening In the past 12 months, the foreign exchange reserves have risen by more than $12 billion from $96.635 billion to $108.706 billion as the Bank of Israel purchases foreign currency to weaken the shekel and help exporters. Despite these efforts, the shekel has strengthened by 9% against the dollar in 2017. Published by Globes [online], Israel business news - www.globes-online.com - on July 6, 2017 © Copyright of Globes Publisher Itonut (1983) Ltd. 2017
