Israel's foreign exchange reserves at the end of May 2024 amounted to $210.508 billion, an increase of $2.399 billion from their level at the end of April, the Bank of Israel said.
Israel's foreign exchange reserves at the end of May 2024 amounted to $210.508 billion, an increase of $2.399 billion from their level at the end of April, the Bank of Israel said. The level of reserves relative to gross domestic product reached 41.4%.
This increase was mainly due to the revaluation of the currency, which led to a reduction in reserves by $3.743 billion, and was offset by the government’s activities in the field of foreign exchange, which totaled $1.359 billion.
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 May and has sold only $8.5 billion since the start of the war. War, mostly in October. In fact, foreign exchange reserves rose from $199.621 billion to $210.508 billion over the past 12 months.
Published by Globes, Israel Business News – en.globes.co.il – on June 6, 2024.
© Copyright Globes Publisher Itonut (1983) Ltd., 2024.
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