Israel’s foreign exchange reserves at the end of June 2020 stood at $147,337 million, an increase of $4,824 million from their level at the end of the previous month. The reserves represent 36.7 percent of GDP (Figure 1).

 

The increase was the result of:

a.     Foreign exchange purchases by the Bank of Israel totaling $1,445 million.

b.     An absorption of short-term dollar credit totaling $2,300 million from the financial system.[1]

c.     A revaluation[2] that increased the reserves by approximately $1,555 million.

 

In contrast, the increase was partly offset by:

a.      Government transfers to abroad totaling approximately $462 million.

b.      Private sector transfers of approximately $14 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

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

128,234d

1,744

129,978d

February 2020

129,451d

1,725

131,176d

March 2020

124,231d

1,710

125,941d

April 2020

131,755d

1,792

133,547d

May 2020

140,650

1,863

142,513

June 2020

145,499

1,838

147,337

 

 


[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.