Israel's foreign currency reserves fell in August
Israel’s foreign exchange reserves at the end of August 2019 stood at $119.823 billion, a decline of $171 million from their level at the end of July, the Bank of Israel reports. The reserves represent 31.9% of GDP.
The decline was the result of a revaluation that lowered the reserves by $15 million, private sector transfers of $3 million and government transfers to abroad totaling approximately $155 million, according to Globes.
The decline was partly offset by foreign exchange purchases by the Bank of Israel totaling $2 million.
The foreign currency reserves have fallen for a second successive month after reaching a record 120.108 billion in June, even though the Bank of Israel has made negligible foreign currency purchases in 2019. The reserves have risen from $116 billion over the past 12 months.