This was the fifth consecutive thirty day period that the Bank of Israel designed no foreign currency purchases.


Israel’s overseas exchange reserves at the conclude of June 2022 stood at $193.810 billion, a reduce of $5.998 billion from their amount at the close of the former month, the Lender of Israel reports. The level of the reserves relative to GDP was 38.7%.

The lower was the final result of a revaluation that reduced the reserves by $6.739 billion, which was offset by government transfers from overseas totaling $393 million and non-public sector transfers of $348 million.




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Is the period of the solid shekel around?







This was the fifth consecutive month that the Financial institution of Israel made no foreign currency purchases, as was its observe previous year, in order to average the strengthening of the shekel. Given that the start out of 2022, the shekel has been weakening sharply on its personal account because of to world trends and this craze strengthened throughout June. The steep drop in share prices on Wall Avenue has compelled Israeli institutional investors to market shekels and buy foreign currency to hedge their abroad positions. The Russian invasion of Ukraine has strengthened the greenback all over the world as global uncertainty rises and buyers request the risk-free haven of the US forex.

Previous calendar year the Lender of Israel obtained $35 billion in overseas currency to assistance exporters, by moderating the strengthening of the shekel. For significantly of the year, the Financial institution of Israel acquired an common of $5 billion in international forex per thirty day period. But with the shekel weakening in 2022, the Bank of Israel bought only $356 million in overseas forex in January 2022, after acquiring $739 million in December 2021.

The foreign exchange reserves attained a report $213 billion in December 2021.

Published by Globes, Israel small business news – en.globes.co.il – on July 7, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.



Financial institution of Israel Image: Shutterstock ASAP Artistic
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