The Bank of Israel reported that Israel’s foreign exchange reserves amounted to approximately $210.278 billion at the end of June 2024, a decrease of $232 million from their level at the end of May.
The Bank of Israel reported that Israel’s foreign exchange reserves at the end of June 2024 amounted to $210.278 billion, down $232 million from the end of May. The level of reserves relative to GDP was 41.3%.
The decrease was mainly due to the government’s foreign exchange activities, which totaled $1.194 billion (including the transfer of approximately $340 million by the government to the Israel Citizens Fund account). This decrease was partially offset by the revaluation, which increased reserves by $949 million.
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Weak shekel makes rate cut unlikely
Although the Bank of Israel announced in October 2023, at the start of the war, a plan to sell up to $30 billion in foreign currency to support the shekel, it did not sell any foreign currency again in June, and has sold only $8.5 billion since the start of the war, most of it in October. In fact, foreign exchange reserves have risen from $197.363 billion to $210.278 billion over the past 12 months.
This article was published in Globes, Israeli Business News – en.globes.co.il – on July 7, 2024.
© Copyright Globes Publisher Itonut (1983) Ltd., 2024.
Bank of Israel Photo: Shutterstock Alon Adika