Foreign Exchange Reserves at the Bank of Israel, March 2020

 

Israel’s foreign exchange reserves at the end of March 2020 stood at $126,043 million, a decrease of $5,125 million from their level at the end of the previous month. The reserves represent 31.9 percent of GDP (Figure 1).

 

The decrease was the result of:

a.       An injection of short-term dollar credit totaling $7,500 million into the financial system.[1]

b.      A revaluation[2] that decreased the reserves by approximately $2,328 million.

 

The decrease was partly offset by:

a.       Private sector transfers of approximately $2,321 million.

b.      Foreign exchange purchases by the Bank of Israel totaling $974 million.

c.       Government transfers from abroad totaling approximately $1,408 million.

 

 

Israel's Foreign Exchange Reserves ($ million)

 

Date

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

Reserves at the IMF[3]

Total Foreign Exchange Reserves

March 2019

116,514d

1,705

118,219d

April 2019

117,044

1,699

118,743

May 2019

116,485

1,639

118,124

June 2019

118,460

1,648

120,108

July 2019

118,309

1,685

119,994

August 2019

118,134d

1,678d

119,812

September 2019

117,797d

1,672

119,469d

October 2019

119,671

1,690

121,361

November 2019

120,702

1,681

122,383

December 2019

124,253d

1,761d

126,014d

January 2020

128,231d

1,744

129,975d

February 2020

129,443d

1,725

131,168d

March 2020

124,333

1,710

126,043

 

Figure 1

Level of foreign exchange reserves, and their ratio to GDP, 2007–20







[1] Within the framework of the swap transactions program that the Bank announced on March 16, 2020 and March 18, 2020.

b Includes Bank of Israel payments and receipts in foreign currency.

c This column includes Special Drawing Rights (SDRs), the balance of NAB loans, and the balance of Israel's reserve tranche at the IMF.

d Updated after the original date of publication.​