Israel's foreign exchange reserves hit record $112b

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

The foreign exchange reserves rose in November even though the Bank of Israel purchased no foreign currency.

Israel’s foreign exchange reserves at the end of November 2017 amounted to a record $112.079 billion, up $770 million from the end of October, the Bank of Israel reports. The reserves represent 32.9% of GDP.

The reserves rose even though the Bank of Israel purchased no foreign currency in November. The rise was the result of a revaluation that increased the reserves by about $827 million. This increase was offset by private sector transfers of about $9 million and government transfers abroad totaling about $48 million.

Over the past 12 months, Israel's foreign exchange reserves have risen from $97.127 billion to $112.079 billion, for the most part through foreign currency purchases as the Bank of Israel attempts to weaken the shekel to help exporters.

Published by Globes [online], Israel business news - www.globes-online.com - on December 10, 2017

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

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