Israel's foreign exchange reserves fell in March

Bank of Israel  photo; Ariel Yeruzolimsky

The Bank of Israel only purchased $143 million in foreign currency last month.

Israel’s foreign exchange reserves at the end of March 2018 stood at $115.978 billion, down $313 million from their level at the end of February, the Bank of Israel reports. The reserves represent 33% of GDP.

The decrease was the result of government transfers abroad totaling about $587 million and private sector transfers of about $6 million. The decrease was offset by foreign exchange purchases by the Bank of Israel totaling $143 million, all of which were part of the purchase program intended to offset the effects of natural gas production on the exchange rate as well as a revaluation that increased the reserves by about $137 million.

Despite falling for the second successive month, Israel's foreign exchange reserves have risen from $103.174 billion, 12 months ago to $115.978 billion.

Published by Globes [online], Israel business news - www.globes-online.com - on April 9, 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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