Israel’s forex reserves fell sharply in April

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Israel’s foreign exchange reserves at the end of April 2024 stood at $208.109 billion, a decrease of $5.632 billion from their level at the end of March, the Bank of Israel reports.

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Israel’s foreign exchange reserves at the end of April 2024 stood at $208.109 billion, a decrease of $5.632 billion from their level at the end of March, the Bank of Israel reports. The level of the reserves relative to GDP was 41%.

The decrease was mainly the result of a revaluation that lowered the reserves by $3.895 billion and the government’s foreign exchange activities totaling $1.703 billion.

Despite announcing in October 2023 at the start of the war a plan to sell up to $30 billion in foreign currency to support the shekel, the Bank of Israel again did not sell any foreign currency in February and has only sold $8.5 billion since the start of the war, most of it in October. In fact the foreign exchange reserves have risen from $201.895 billion to $208.109 billion over the past 12 months.

Published by Globes, Israel business news – en.globes.co.il – on May 7, 2024.