Israel's foreign currency reserves climbed to a record $87.628 billion at the end of August.
Israel's foreign currency reserves climbed to a record $87.628 billion at the end of August, up $489 million from $87.139 billion at the end of July, which was itself a record, the Bank of Israel reports.
The increase was due to foreign currency purchases by the Bank of Israel totaling $585 million as part of the purchase program intended to offset the effects of natural gas production on the exchange rate, and government transfers from abroad of about $46 million. This was partially offset by a revaluation that decreased the reserves by about $142 million.
Foreign currency reserves has risen steadily in 2014 from $81.790 billion at the end of 2013.
Published by Globes [online], Israel business news - www.globes-online.com - on September 7, 2014
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