Israel's foreign exchange reserves grew by $14 billion this year.
Options trading is pointing to a continued fall in the in the shekel-dollar exchange rate, which is dropping 1.1% to NIS 3.915/$, and to a 1.21% rise in the shekel-euro exchange rate to NIS 5.5431/€. There is no inter-bank foreign currency trading on Sundays.
The Bank of Israel said today that its foreign exchange reserves grew by $14 billion this year, and totaled $42.5 billion at the end of 2008. The rise in reserves was due primarily to the dollar purchase program of the Bank of Israel. The Bank bought $12.1 in 2008.
On Thursday, the Bank of Israel set the representative shekel-dollar exchange rate 0.852% lower at NIS 3.958/$, and set the representative shekel-euro exchange rate 1.266% lower at NIS 5.4767/€. Representative rates were not set on Friday due to the Shavuot holiday.
Published by Globes [online], Israel business news - www.globes-online.com - on May 31, 2009
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