Israel’s foreign exchange reserves at the end of February 2024 stood at $206.828 billion, an increase of $703 million from their level at the end of the January, the Bank of Israel reports. The level of the reserves relative to GDP was 40.8%.
The increase was mainly the result of a revaluation that increased the reserves by about $907 million. This increase was partly offset by the government’s foreign exchange activities totaling about $244 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 February and has only sold $8.5 billion since the start of the war, most of it in October.
The foreign exchange reserves have risen from $196 billion to nearly $207 billion over the past 12 months and the reserves are approaching the record $213 billion held in December 2021.
Published by Globes, Israel business news – en.globes.co.il – on March 7, 2024.
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