Israel's foreign currency reserves reached a new record at the end of April.
Israel's foreign currency reserves climbed to a record $86.5 billion at the end of April, up $921 million from $85.57 billion at the end of March, the Bank of Israel reports.
The Bank of Israel said that the increase was the result of foreign currency purchases by totaling $590 million in April, of which $290 million were purchased as part of the purchase program intended to offset the effects of natural gas production on the exchange rate. In addition, revaluation boosted the reserves by about $199 million while government transfers from abroad added about $212 million. These increases were partially offset by private sector transfers totaling about $80 million.
Israel's foreign currency reserves stood at $81.8 billion at the end of 2013 and $75.9 billion at the end of 2012.
Published by Globes [online], Israel business news - www.globes-online.com - on May 7, 2014
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