Bank of Israel’s Foreign Reserves Grow to New Record at $185 Billion

Posted on 03/07/2021

In February 2021, the Bank of Israel purchased US$ 4.9 billion in foreign currency. The Israeli central bank is trying to slow the appreciation of the shekel. Purchases for the first two months of 2021 totaled about US$ 11.7 billion. This US$ 11.7 billion amount is nearly 40% of the US$ 30 billion program of interventions announced by the central bank for 2021. The Bank of Israel has reserve at a record of US$ 185 billion.

In February, the Bank of Israel purchased 4.4 billion shekels in sovereign bonds as an effort to lower costs for government borrowing and add liquidity to the local market.

Earlier, the central bank left its benchmark interest rate at 0.1% for a seventh straight meeting. Israel has a jobless rate of around 15%.

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