May 16, 2011
Bank of Israel: foreign currency reserves rise to record US $77.4b
The increase was the result of: Purchases of US $1,495 million of foreign exchange, A revaluation that increased the reserves by US$1,454 million and an increase of US$14 million deriving from private sector transactions
The Bank of Israel reported last week that Israel’s foreign exchange reserves at the end of April 2011 stood at US$77,406 million, an increase of US$2,880 million from their level at the end of March.
The increase was the result of:
a. Purchases of US $1,495 million of foreign exchange by the Bank of Israel
b. A revaluation that increased the reserves by US $1,454 million
c. an increase of US $14 million deriving from private sector transactions.
These were partly offset by government transfers to abroad of US$83 million.
The Bank of Israel has bought US$48.6 billion in foreign currency since launching its dollar purchasing program in March 2008.
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