Israel's foreign exchange reserves are still below the August record.
Israel’s foreign exchange reserves at the end of October 2014 stood at $86.416 billion, up $228 million from their level at the end of September, the Bank of Israel reports.
The Bank of Israel said that increase was the result of foreign currency purchases that it had made during October totaling $280 million, as part of the purchase program intended to offset the effects of natural gas production on the exchange rate. It also included $48 million derived from private sector transactions. This was partially offset by government transfers abroad of about $22 million, and a revaluation that decreased the reserves by about $78 million.
The foreign exchange reserves fell during September from an all-time high of $87.628 billion.
The recent depreciation of the shekel has taken the pressure off the Bank of Israel to purchase foreign currency to weaken the Israeli currency and help exporters.
Published by Globes [online], Israel business news - www.globes-online.com - on November 6, 2014
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