Israel’s foreign exchange reserves at the end of January 2015 stood at $84.691 billion, down $1.411 billion from their level at the end of December 2014, the Bank of Israel reports.
The Bank of Israel said that the decline was the result of: a revaluation that decreased the reserves by about $1,564 million and a decrease of $254 million derived from private sector transactions.
These declines were partly offset by: government transfers from abroad of about $147 million; and foreign currency purchases by the Bank of Israel totaling $260 million, all of which were purchased as part of the purchase program intended to offset the effects of natural gas production on the exchange rate.
Israel's foreign currency reserves reached a record $87.628 billion last August and after treading water for a few months have fallen for the past four consecutive months.
Published by Globes [online], Israel business news - www.globes-online.com - on February 5, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015