Foreign currency reserves fell $120 million in March to $27.9 billion, the Bank of Israel reported Monday.
The decline was attributed primarily to withdrawals made by the state from its central bank account to fund activities abroad. Income from investments helped make up some of the decline in reserves, it added.
The reserves level is now $1.2b. - above its level a year ago. The central bank has set a long-term goal of raising reserves to as much as $34b. which would lower Israel's exposure to financial instability while boosting the economy's international standing.