Israel’s foreign currency reserves rose to a record $80.59 billion at the end of November 2013.
Israel’s foreign currency reserves rose to a record $80.59 billion at the end of November 2013, the Bank of Israel reports. This was a small $18 million rise over the level at the end of October, which was the first time that the country's foreign currency reserves has risen above the $80 billion threshold.
The Bank of Israel said that the increase was the result of foreign currency purchases, which it had made during the month totaling $200 million. The purchases were part of the purchase program intended to offset the effects of natural gas production on the exchange rate. There was also a revaluation that increased the reserves by about $83 million, and private sector transfers totaling about $30 million. However, these most of these amounts were offset by government transfers abroad totaling about $295 million.
Published by Globes [online], Israel business news - www.globes-online.com - on December 5, 2013
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