The Bank of Israel reported that Israel’s foreign exchange reserves at the end of October 2024 fell to $216.074 billion, a decrease of $4.303 billion from their level at the end of September.
Israel’s foreign exchange reserves at the end of October 2024 fell to $216.074 billion, a decrease of $4.303 billion from their level at the end of September, a record level, the Bank of Israel said. The level of reserves in relation to GDP at the end of October reached 42%.
This decrease came as a result of the revaluation, which led to a decrease in reserves by about $4.922 billion. This decrease was partially offset by the government’s foreign exchange activities, which amounted to approximately $668 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 again did not sell any foreign currency in October 2024, selling only $8.5 billion. Foreign currencies since the start of the war, mostly in October and November 2023.
Near-record foreign exchange reserves could provide a vital cushion if the geopolitical situation escalates further and affects the strength of the Israeli currency.
Published by Globes, Israel Business News – en.globes.co.il – on November 7, 2024.
© Copyright Globes Publisher Itonut (1983) Ltd., 2024.
Bank of Israel credit: Shutterstock
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