The decrease was the result of:
a. A revaluation[1] that decreased the reserves by about $1,327 million.
b. Government transfers to abroad totaling about $292 million.
c. Private sector transfers of about $14 million.
In contrast, the decrease was offset by foreign exchange purchases by the Bank of Israel totaling $304 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.
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 |
|
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 |
108,733c |
1,377 |
110,110c |
|
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 |
116,099c |
1,522 |
117,621c |
|
February 2018 |
12,304 |
114,781 |
1,511 |
116,292 |
Figure 1
Level of foreign exchange reserves, and their ratio to GDP, 2007–17
[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.