Foreign reserves rise to $47.5b. in May

Under the central bank's dollar purchases program, the bank is buying NIS 100 million a day.

By SHARON WROBEL
June 8, 2009 10:47

Foreign currency reserves were boosted by the continuation of the Bank of Israel's daily dollar purchases program to a total of $47.5 billion at the end of May, the central bank reported on Sunday. Over the course of the month of May, the central bank added $2.5b. from level of reserves at the end of April. Under the central bank's dollar purchases program, the bank is buying NIS 100 million a day. The central bank explained that the rise in May stemmed from an increase of $1.6b. due to Bank of Israel purchases on the market, as part of its planned increase in the foreign exchange reserves; an increase of $856b. due to a revaluation of the reserves and income; and public-sector transfers from abroad totaling $34m. The bank added that private sector foreign currency sales partially offset total reserves by $16m.


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