Israel’s foreign exchange reserves at the end of June 2023 amounted to $201.891 billion, an increase of $2.270 billion from its level at the end of May, the Bank of Israel reported.
Israel’s foreign exchange reserves at the end of June 2023 amounted to $201.891 billion, an increase of $2.270 billion from its level at the end of May, the Bank of Israel reported. The level of reserves relative to GDP was 38.9%.
The increase came as a result of the re-evaluation, which led to an increase in reserves by about $2.957 billion. This increase was partly offset by government transfers abroad totaling $660 million and transfers to the private sector totaling $27 million.
In 2023, the Bank of Israel continued not to buy foreign currencies, as was the case last year, when it bought only $356 million in foreign currencies. But in 2021, the Bank of Israel bought $35 billion in foreign currency to help exporters, by easing the appreciation of the shekel.
Israel’s foreign exchange reserves reached a record high of $213 billion in December 2021.
Published by Globes, Israel business news – en.globes.co.il – on July 6, 2023.
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