Israel's foreign exchange reserves fall fourth straight month
Israel’s foreign exchange reserves at the end of May 2018 stood at $114.7 billion, down $654 million from their level at the end of April, the Bank of Israel reports. This is the fourth consecutive month that the reserves have fallen. The reserves represent 31.8% of GDP, Globes reports.
The decrease was the result of a revaluation that decreased the reserves by about $803 million and government transfers abroad totaling $34 million.
The decrease was offset by foreign exchange purchases by the Bank of Israel totaling $167 million, of which $154 million was part of the purchase program intended to offset the effects of natural gas production on the exchange rate, and private sector transfers of $16 million.
Over the past 12 months, Israel's foreign currency exchange reserves have risen from $106.2 billion to $114.7 billion.