Foreign Exchange Reserves at the Bank of Israel, August 2018

Israel’s foreign exchange reserves at the end of August 2018 stood at $116,005 million, an increase of $223 million from their level at the end of the previous month. The reserves represent 31.6 percent of GDP (Figure 1).

 

The increase was the result of:

a.       Foreign exchange purchases by the Bank of Israel totaling $173 million, all of which were part of the purchase program intended to offset the effects of natural gas production on the exchange rate.

b.      A revaluation[1] that increased the reserves by approximately $262 million.

c.       Private sector transfers of approximately $61 million.

 

In contrast, the increase was offset by government transfers to abroad totaling about $273 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

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

June 2018

12,750

113,340c

1,492

114,832c

July 2018

12,750

114,292

1,490

115,782

August 2018

12,923

114,520

1,485

116,005

 

 

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 at the IMF.

c Updated after the original date of publication.