Israel’s forex reserves hit record high

Israel’s foreign exchange reserves at the end of March 2024 stood at $213.768 billion, an increase of $6.947 billion from their level at the end of the February, the Bank of Israel reports. This is a record amount, beating the previous record of $213 billion in December 2021. The level of the reserves relative to GDP was 42.2%.

The increase was mainly the result of the government’s foreign exchange activities totaling approximately $4.858 billion and a revaluation that increased the reserves by approximately $2.265 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 February and has only sold $8.5 billion since the start of the war, most of it in October. In fact the foreign exchange reserves have risen from $200.486 billion to $213.768 billion over the past 12 months.

Published by Globes, Israel business news – en.globes.co.il – on April 8, 2024.

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