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Israel’s forex reserves rise sharply

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Israel’s foreign exchange reserves rose from $204.665 billion to $213.634 billion over the past 12 months, slightly below the record foreign exchange reserves of $213.731 billion in March 2024.


The Bank of Israel reported that Israel’s foreign exchange reserves at the end of July 2024 amounted to $213.634 billion, an increase of $3.353 billion over their level at the end of June. The level of reserves relative to GDP was 42%.

This increase was mainly due to the revaluation which increased reserves by about $4.278 billion. This increase was partially offset by the government’s foreign exchange activities which totaled about $932 million.







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 did not sell any foreign currency in July again and has sold only $8.5 billion since the war began, most of it in October.

In fact, foreign exchange reserves rose from $204.665 billion to $213.634 billion over the past 12 months, slightly below the record foreign exchange reserves of $213.731 billion in March 2024.

This article was published in Globes, Israeli Business News – en.globes.co.il – on August 7, 2024.

© Copyright Globes Publisher Itonut (1983) Ltd., 2024.



Bank of Israel Photo: Tali Bogdanovsky

Bank of Israel Photo: Tali Bogdanovsky

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