Israel’s forex reserves back on the rise

Israel’s foreign exchange reserves at the end of May 2024 stood at $210.508 billion, an increase of $2.399 billion from their level at the end of April, the Bank of Israel reports.

Israel’s foreign exchange reserves at the end of May 2024 stood at $210.508 billion, an increase of $2.399 billion from their level at the end of April, the Bank of Israel reports. The level of the reserves relative to GDP was 41.4%.

The rise was mainly the result of a revaluation that lowered the reserves by $3.743 billion, offset by the government’s foreign exchange activities totaling $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 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 $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.

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