The Bank of Israel's foreign currency reserves increased by $504 million in May to $77.65 billion.
The Bank of Israel today reports that it bought $950 million in May 2013, of which $230 million was part of its purchasing program to offset the effect of natural gas production on the exchange rate. This program will last through 2018, when the sovereign wealth fund is scheduled be established. The Bank of Israel plans to buy up to $2.1 billion by the end of this year.
The Bank of Israel's foreign currency reserves increased by $504 million in May to $77.65 billion. In addition to the Bank of Israel's foreign currency purchases, the private sector deposited $111 million with it, further boosting its foreign currency reserves.
The increase in the foreign currency reserves was offset by $414 million in government transfers abroad and by $143 million in downward revaluations of the reserves.
Published by Globes [online], Israel business news - www.globes-online.com - on June 6, 2013
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