Israel's foreign currency reserves rise above $110b

Bank of Israel  photo; Ariel Yeruzolimsky

The Bank of Israel purchased only $150 million in foreign currency in July but revalued the reserves upwards by $1.3 billion.

Israel’s foreign exchange reserves rose to a record $110.111 billion at the end of July 2017, up $1.405 billion from their level at the end of the previous month, the Bank of Israel reports. The reserves now represent 33.8% of GDP.

The Bank of Israel purchased only $150 million in foreign currency in July. The entire amount was bought as part of the purchase program to offset the effects of natural gas production on the exchange rate. Most of the rise resulted from an upward revaluation of the reserves by about $1.329 billion. The increase was offset by government transfers abroad totaling $41 million and private sector transfers of about $33 million.

Israel's foreign currency reserves have risen over the past 12 months from $97.4 billion to $110.111 billion.

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