According to Bank of Israel data, Israel’s forex reserves increased to $201 billion at the end of last month, up from $194.22 billion at the end of December 2022. The most recent balance accounts for 39% of the country’s GDP.

The Bank of Israel attributed the growth to a revaluation of the reserves by $5.63 billion, foreign currency transfers by the government from overseas of around $1.11 billion, and private sector transfers totalling $41 million.

As it did in 2022, when it bought only the equivalent of $356 million in foreign currency, the Bank of Israel has refrained from making any such purchases this year.

The Bank of Israel, on the other hand, had to help exporters by purchasing $35 billion in foreign currencies in 2021, which caused a slight depreciation in the value of the shekel and lowered export costs.

It should be noted that the most recent forex reserve balance is not the highest recorded by the Bank of Israel; as recently as December 2021, Israel’s foreign exchange reserves stood at $213 billion.