The Bank of Israel's program of daily dollar purchases continued to add to its foreign currency reserves, which rose to $47.55 billion in May.
During the month of May, the Bank of Israel, headed by Governor of the Bank of Israel Prof. Stanley Fischer, added $2.474 billion to its foreign currency reserves. Under its current program, the Bank of Israel buys $100 million each day between Monday and Thursday, and buys $50 million on Fridays.
The rise in foreign currency reserves stemmed not only from the dollar purchase program, through which it added $1.6 billion, but also from the revaluation of existing reserves and income, which added $856 million, and public sector transfers from overseas, which added $34 million. Private sector foreign exchange operations reduced the foreign currency totals slightly, by $16 million.
The Bank of Israel ended 2008 with $42.34 billion in foreign currency reserves. The figure grew to $45.08 billion by the end of April.
Published by Globes [online], Israel business news - www.globes-online.com - on June 7, 2009
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