Israeli reserves surge to new record high of $185 billion

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David Vaaknin

Bank of Israel international reserves rose to reach a new record high level in February, the central bank said on March 7.

Overall, reserves increased by $5.6 billion to $185 billion. This represents 45.9% of Israel’s GDP.

The main factor behind the increase was more than $4.9 billion in foreign exchange purchases. Over the past year, the central bank has been raising funds in international markets to finance the government’s larger deficits due to the Covid-19 crisis.

In fact, foreign

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