Foreign Exchange Reserves in the Bank of Israel, May 2018

Israel’s foreign exchange reserves at the end of May 2018 stood at $114,700 million, a decrease of $654 million from their level at the end of the previous month. The reserves represent 31.8 percent of GDP (Figure 1).

 

The decrease was the result of:

a.       A revaluation[1] that decreased the reserves by about $803 million.

b.      Government transfers to abroad totaling about $34 million.

 

In contrast, the decrease was offset by:

a.       Foreign exchange purchases by the Bank of Israel totaling $167 million, of which $154 million were part of the purchase program intended to offset the effects of natural gas production on the exchange rate.

b.      Private sector transfers of about $16 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

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

November 2017

12,000

110,734

1,345

112,079

December 2017

12,000

111,487

1,524c

113,011c

January 2018

12,000

116,100c

1,522

117,622c

February 2018

12,304

114,783c

1,510c

116,293c

March 2018

12,447

114,609c

1,518

116,127c

April 2018

12,471

113,872

1,482

115,354

May 2018

12,625

113,239

1,461

114,700

 

 

Figure 1

Level of foreign exchange reserves, and their ratio to GDP, 2007–18

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[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.