Israel’s forex reserves hit record 185.69 bln USD

Israel’s foreign exchange reserves reached a new record of 185.69 billion U.S. dollars at the end of March, according to figures published by the Bank of Israel on Wednesday.

This is an increase of about 635 million dollars month on month from the end of February.

The total reserves represent 46 percent of Israeli GDP, the Israeli central bank said.

The increase was the result of 1.98-billion-dollar foreign exchange purchases by the central bank in February, as well as government transfers from abroad totaling about 339 million dollars, and private sector transfers of about 7 million dollars.

On the other hand, the increase was partly offset by a revaluation that decreased the reserves by over 1.69 billion dollars.