However, foreign currency reserves rose during 2014, the Bank of Israel reports.
Israel’s foreign currency reserves fell to $86.105 billion at the end of December 2014, down $223 million from the end of November, the Bank of Israel reports.
The decline was the result of government transfers abroad of about $489 million and a revaluation that decreased the reserves by about $745 million. These were partly offset by a decrease of $566 million derived from private sector transactions and foreign currency purchases by the Bank of Israel totaling $445 million. These purchases were part of the foreign currency purchasing program to offset the effects of natural gas production on the exchange rate.
Israel's foreign currency reserves rose by $4.315 billion during 2014 from $81.79 billion at the end of December 2013.
Published by Globes [online], Israel business news - www.globes-online.com - on January 7, 2015
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Bank of Israel