The Bank of Israel purchased only $16 million in foreign currency last month, Globes reports.
Israel’s foreign exchange reserves at the end of September 2018 stood at $115.459 billion, down $546 million from their level at the end of August, the Bank of Israel reports. The reserves represent 31.5% of GDP.
The decrease was the result of private sector transfers of $40 million, government transfers abroad of $264 million, and a revaluation that decreased the reserves by $258 million. the decrease was offset by foreign exchange purchases by the Bank of Israel of $16 million, as part of the purchase program intended to offset the effects of natural gas production on the exchange rate.
Over the past 12 months, the foreign currency reserves have risen from $111.051 billion to $115.5 billion but have fallen from a peak of $117.6 billion in January.
The Bank of Israel has used foreign currency purchases of a tool for helping exporters by weakening the shekel. During September, the shekel-dollar rate was stable at around NIS 3.61/$