The Bank of Israel says the increase was mainly due to a revaluation that boosted reserves by about $4.243 billion.
Israel’s foreign exchange reserves reached a record high of $217.377 billion at the end of August 2024, an increase of $3.743 billion from the level at the end of July. March 2024. The level of reserves relative to GDP was 42.3% at the end of August.
The increase was mainly due to revaluation, which increased reserves by approximately $4.243 billion. This increase was partially offset by government foreign exchange activities totaling approximately $483 million.
Despite announcing plans to sell up to $30 billion of foreign currency to prop up the shekel at the start of the war in October 2023, the Bank of Israel again sold no foreign currency in August and has sold only $8.5 billion since then. the start of the war, mostly in October and November 2023.
In fact, in the last 12 months, foreign exchange reserves increased from 202.856 billion dollars to 213.741 billion dollars.
Globes, Israel business news – en.globes.co.il – published on September 8, 2024.
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Bank of Israel credit: Shutterstock
