Foreign Exchange Reserves in the Bank of Israel, October 2017

Israel’s foreign exchange reserves at the end of October 2017 stood at $111,309 million, an increase of $258 million from their level at the end of the previous month. The reserves represent 33.4 percent of GDP (Figure 1).

 

The increase was the result of:

a.       Foreign currency purchases by the Bank of Israel totaling $260 million, all of which were purchased as part of the purchase program intended to offset the effects of natural gas production on the exchange rate.

b.      Government transfers from abroad totaling about $42 million.

 

The increase was offset by:

a.       Private sector transfers of about $8 million.

b.      A revaluation[1] that decreased the reserves by about $36 million.

 

Israel's Foreign Exchange Reserves

$ million

 

Date

Reserves bought under the natural gas purchase program

Reserves excluding IMF (including reserves bought under the natural gas purchase program)

Reserves at the IMF[2]

Total Foreign Exchange Reserves

October 2016

10,200

96,931

1,032

97,963

November 2016

10,200

95,948

1,179

97,127

December 2016

10,500

97,275c

1,172c

98,447c

January 2017

10,500

100,430c

1,183

101,613c

February 2017

10,750

100,843 c

1,179

102,022c

March 2017

10,750

101,992c

1,182

103,174c

April 2017

11,000

103,949c

1,193

105,142c

May 2017

11,250

106,163

1,204

107,367

June 2017

11,390

107,499

1,207

108,706

July 2017

11,540

108,733c

1,377

110,110c

August 2017

11,540

109,642

1,378

111,020

September 2017

11,740

109,678

1,373

111,051

October 2017

12,000

109,943

1,366

111,309

 

 

 

Figure 1

Level of foreign exchange reserves, and their ratio to GDP, 2007–17

 0711e.png



[1] This includes Bank of Israel payments and receipts in foreign currency.

[2] This column includes Special Drawing Rights (SDRs), the balance of NAB loans, and the balance of Israel's reserve tranche in the IMF.

c Updated after the original date of publication.