The decrease was the result of:
a. Private sector transfers of approximately $40 million.
b. Government transfers to abroad totaling about $264 million
c. A revaluation[1] that decreased the reserves by approximately $258 million.
In contrast, the decrease was offset by foreign exchange purchases by the Bank of Israel totaling $16 million, all of which were part of the purchase program intended to offset the effects of natural gas production on the exchange rate.
Israel's Foreign Exchange Reserves ($ 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 |
|
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 |
|
September 2018 |
12,939 |
113,981 |
1,478 |
115,459 |
Figure 1
Level of foreign exchange reserves, and their ratio to GDP, 2007–18
[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.