Israel’s foreign exchange reserves at the end of July 2017 stood at $110,111 million, an increase of $1,405 million from their level at the end of the previous month. The reserves represent 33.8 percent of GDP (Figure 1).

 

The increase was the result of:

a.       Foreign currency purchases by the Bank of Israel totaling $150 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.      A revaluation[1] that increased the reserves by about $1,329 million.

 

The increase was offset by:

a.       Government transfers to abroad totaling about $41 million.

b.      Private sector transfers of about $33 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[1]

Total Foreign Exchange Reserves

July 2016

9,900

96,356

1,037

97,393

August 2016

9,900

96,588

1,038

97,626

September 2016

9,900

97,380c

1,049

98,429c

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

108,734

1,377

110,111



[1] 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.

 

Figure 1

Level of foreign exchange reserves, and their ratio to GDP, 2007–2017

 7817.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.​