Mon, 21 Sep 2020

JERUSALEM, Aug. 6 (Xinhua) -- Israel's foreign exchange reserves reached a new record of 157.66 billion U.S. dollars at the end of July, according to figures released by the Bank of Israel on Thursday.

This is an increase of about 10.3 billion dollars compared to the end of June.

According to Israel's central bank, the total reserves represent 39.3 percent of Israeli GDP.

This is the fourth consecutive monthly increase in Israel's forex reserves after the biggest-ever monthly fall of 5.1 billion dollars in March, following the coronavirus outbreak in the state.

The bank noted that the increase was the result of foreign exchange purchases, including central bank's payments and receipts in foreign currency, a revaluation, private sector transfers, government transfers from abroad, and an absorption of short-term dollar credit totaling from the financial system.

This absorption was part of a swap transactions program that the central bank launched in mid-March, to help banks deal with the pandemic consequences.

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