Foreign exchange reserves rise to record $113b in 2017

Bank of Israel  photo; Ariel Yeruzolimsky

Despite the ongoing strengthening of the shekel, the Bank of Israel bought only $100 million in foreign currency last month.

Israel’s foreign exchange reserves at the end of December 2017 stood at a record $113.01 billion, up $931 million from their level at the end of November, the Bank of Israel reports. The reserves represent 33.2% of GDP.

Despite the ongoing strengthening of the shekel, the Bank of Israel bought only $100 million in foreign currency last month. The increase was also the result of: a revaluation that increased the reserves by about $600 million; government transfers from abroad totaling about $172 million; and private sector transfers of about $59 million.

Israel's foreign exchange reserves have risen to $113 billion from $98.47 billion at the end of 2016.

Published by Globes [online], Israel business news - www.globes-online.com - on January 10, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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Bank of Israel  photo; Ariel Yeruzolimsky
Bank of Israel photo; Ariel Yeruzolimsky
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