Foreign exchange reserves up $2b

Bank of Israel  photo; Ariel Yeruzolimsky

Israel's foreign exchange reserves have reached a record $105 billion but the shekel continues strengthening.

Israel’s foreign exchange reserves at the end of April 2017 stood at a record $105.14 billion, up $1.97 billion from their level at the end of March, the Bank of Israel reports. The reserves represent 33% of Israel's GDP.

The increase was the result of: foreign currency purchases by the Bank of Israel totaling $900 million in April, of which $250 million were purchased as part of the purchase program intended to offset the effects of natural gas production on the exchange rate; revaluation that increased the reserves by about $1.028 billion; and government transfers from abroad totaling about $45 million. The increase was slightly offset by private sector transfers of about $5 million.

Israel's foreign currency reserves have risen by about $9.5 billion over the past 12 months from $95.7 billion at the end of April 2016 as the Bank of Israel tries to help exporters and weaken the shekel by purchasing foreign currency. However, over the same period the shekel has strengthened by 4% against the dollar.

Published by Globes [online], Israel business news - www.globes-online.com - on May 7, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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