Israel’s foreign exchange reserves at the end of September 2024 reached a record level of $220.377 billion, an increase of $2.992 billion from their level at the end of August, which was itself a new record high, the Bank of Israel reported. The level of reserves in relation to GDP at the end of September reached 42.8%.
This increase came as a result of a revaluation that led to an increase in reserves by approximately $3.064 billion. This increase was partially offset by the government’s foreign exchange activities, which totaled approximately $230 million.
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Despite announcing in October 2023 at the start of the war a plan to sell up to $30 billion in foreign currency to support the shekel, the Bank of Israel again did not sell any foreign currency in September and has sold only $8.5 billion in foreign currency since then. . The beginning of the war, mostly in October and November 2023.
Record foreign exchange reserves could provide a vital cushion if the geopolitical situation escalates further and affects the strength of the Israeli currency.
Published by Globes, Israel Business News – en.globes.co.il – on October 7, 2024.
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