JERUSALEM, Sept. 7 (Xinhua) — Israel’s foreign exchange reserves reached an all-time record of 230.32 billion U.S. dollars at the end of August, according to figures issued by Israel’s central bank on Sunday.
This represents an increase of 3.55 billion dollars compared to the figure at the end of July, overtaking the previous record of 228.25 billion dollars in June.
The central bank said the reserves now equal 41 percent of Israel’s GDP, slightly down from 41.4 percent recorded in July.
The central bank said the latest increase was mainly due to a revaluation, partly offset by government foreign exchange operations.
Analysts noted that Israel’s large foreign exchange reserves provide economic stability amid security and financial uncertainty, adding that the reserves could also boost investor confidence, allow the central bank to curb shekel volatility, and reflect strong hi-tech exports.
At the end of October 2023, following the outbreak of the multi-front conflict, Israel’s forex reserves dropped to 191.24 billion dollars after the central bank sold 8.2 billion dollars under an emergency plan to curb the weakening of the shekel. Since then, the reserves have gradually recovered, reaching the current peak.
