At the end of October 2024, Israel’s foreign exchange reserves fell to $216.074 billion, a drop of $4.303 billion from their level at the end of September, the Bank of Israel reports.
At the end of October 2024, Israel’s foreign exchange reserves fell to $216.074 billion, a drop of $4.303 billion from their end-September level, which was a record low, the Bank of Israel reports. The level of reserves relative to GDP at the end of October was 42%.
This decrease is the result of a revaluation that decreased reserves by approximately $4.922 billion. This decrease was partly offset by government foreign exchange activities totaling approximately $668 million.
Despite announcing plans in October 2023, at the start of the war, to sell up to $30 billion in foreign currency to support the shekel, the Bank of Israel has yet to sell any foreign currency as of October 2024, and only sold $8.5 billion of it. foreign currencies since the start of the war, most in October and November 2023.
Near-record foreign exchange reserves could provide a vital cushion if the geopolitical situation worsens further and affects the strength of the Israeli currency.
Published by Globes, Israel Business News – fr.globes.co.il – November 7, 2024.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2024.
Credit from the Bank of Israel: Shutterstock
