According to a report by the Bank of Israel, Israel’s foreign exchange reserves as of the end of October 2024 were $216.074 billion, down $4.33 billion from the level at the end of September.
Israel’s foreign exchange reserves fell to $216.074 billion at the end of October 2024, down $4.303 billion from the record-high level at the end of September, the Bank of Israel reported. The level of reserves relative to GDP at the end of October was 42%.
This decrease was due to a revaluation that reduced reserves by approximately $4,922 million. This decrease was partially offset by government foreign exchange activities totaling approximately $668 million.
Despite announcing plans to sell up to $30 billion of foreign currency to support the shekel in October 2023 at the start of the war, the Bank of Israel did not sell any foreign currency again in October 2024. It sold only $8.5 billion in shekels. This is the largest increase in foreign exchange since the start of the war, most of which occurred in October and November 2023.
Near-record foreign exchange reserves could provide an important cushion if the geopolitical situation escalates further and impacts Israel’s currency strength.
Published by Globes, Israel Business News – en.globes.co.il – on November 7, 2024.
© Globes Publisher Itonut (1983) Ltd., Copyright 2024.
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