Foreign currency reserves reach all-time high

Foreign currency reserves jumped $1.34 billion to $25.78 billion in December.

Israel’s foreign currency reserves jumped $1.34 billion in December, reaching an all-time high of $25.78 billion, a 5.5% increase in a single month.

The Bank of Israel said today that there were two main reason for the steep rise in foreign currency reserves. The first was the rise in the government’s deposits at the Bank of Israel, after receiving money raised with the US loan guarantees, and the second was the revaluing of the Bank of Israel’s investment portfolio, resulting from exchange rate changes.

The Bank of Israel predicts that foreign currency reserves will continue rising in 2004, in view of the planned government issues on overseas markets, both with and without the US loan guarantees, and the delivery of US civilian aid.

Israel’s foreign currency reserves rose by $2.11 in 2003, an 8.9% rise, and by $2.9 billion since January 2002, a cumulative 12.6% increase.

Published by Globes [online] - www.globes.co.il - on January 1, 2004

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