Israel’s foreign exchange reserves at the end of September 2023 stood at $198.555 billion, down $4.301 billion from their level at the end of August, the Bank of Israel reports. The level of the reserves relative to GDP was 38.1%.
The decline was mainly due to a revaluation that decreased the reserves by about $3.912 billion, and by government transfers to abroad totaling $409 million.
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Israel’s foreign exchange reserves reached a record $213 billion in December 2021, after many years in which the Bank of Israel would purchase foreign currency to moderate the strengthening of the shekel. Since then forex reserves have remained relatively stable with monthly revaluations depending on the shekel exchange rate.
But all this is about to change. Yesterday, the Bank of Israel announced it would be selling up to $30 billion of its forex reserves to moderate the depreciation of the shekel in the wake of the surprise attack on Israel by Hamas.
Published by Globes, Israel business news – en.globes.co.il – on October 10, 2023.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.
