Israel's foreign exchange reserves fall fourth straight month

Bank of Israel  photo; Ariel Yeruzolimsky

Over the past 12 months, Israel's foreign currency exchange reserves have risen from $106.2 billion to $114.7 billion, the Bank of Israel reports.

Israel’s foreign exchange reserves at the end of May 2018 stood at $114.7 billion, down $654 million from their level at the end of April, the Bank of Israel reports. This is the fourth consecutive month that the reserves have fallen. The reserves represent 31.8% of GDP.

The decrease was the result of a revaluation that decreased the reserves by about $803 million and government transfers abroad totaling $34 million.

The decrease was offset by foreign exchange purchases by the Bank of Israel totaling $167 million, of which $154 million was part of the purchase program intended to offset the effects of natural gas production on the exchange rate, and private sector transfers of $16 million.

Over the past 12 months, Israel's foreign currency exchange reserves have risen from $106.2 billion to $114.7 billion.

Published by Globes [online], Israel business news - www.globes-online.com - on June 10, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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