Israel's foreign currency reserves hit new record

Karnit Flug

Israel foreign currency reserves crossed the $90 billion threshold for the first time at the end of 2015.

Israel's foreign exchange reserves totaled $90.6 billion at the end of 2015, exceeding $90 billion for the first time, the Bank of Israel today reported. Israel's foreign exchange reserves grew $1.8 billion in December 2015.

The primary cause of the December increase was $1.38 billion in foreign exchange purchases by the Bank of Israel, $515 million of which was part of the purchase plan designed to offset the effect of natural gas production in Israel on the foreign exchange rates.

Other factors in the foreign exchange increase included a $71 million transfer from overseas by the government and a $403 million revaluation of foreign currency balances. This increase was partially offset by $53 million in transfers by the private sector.

Israel foreign currency reserves were up $4.5 billion in 2015.

Published by Globes [online], Israel business news - www.globes-online.com - on January 7, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

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