Israeli reserves rise 6.7% in May to new record

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David Vaaknin

The foreign exchange reserves of the Bank of Israel sharply rose in May mainly as a result of government transfers from abroad and foreign currency purchases.

The central bank’s portfolio rose by 6.7% to a record high of $142.5 billion, representing 35.5% of GDP, according to official data released on June 7. Government transfers accounted for $5.1 billion, while purchases of foreign exchange were recorded at $2.6 billion. The revaluation of existing reserve assets contributed to increase the

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