The Bank of Israel’s dollar purchases totaled $ 4.9 billion during February, the bank reports. At the end of the month, foreign exchange reserves totaled about $ 185 billion – a higher amount of NIS 5.59 billion compared to the end of January.
Along with the acquisition of the dollars, the increase is also attributed to the revaluation of foreign exchange reserves in the amount of $ 927 million. On the other hand, the Bank of Israel notes that the increase was partially offset by private sector transfers of $ 97 million, In the amount of about $ 152 million. The balances are equivalent to 45.9 percent of GDP.
Level of foreign exchange reserves and the ratio of reserves to gross domestic product, 2007 to 2021
The dollar is currently trading at levels of about NIS 3.3 and Leader Capital Markets believes that in the middle of the year it will weaken to a level of about NIS 3.24 and by the end of the year it has already dropped to a salary of NIS 3.15. On the other hand, Meitav Dash believes that by the middle of the year it will reach NIS 3.35 or NIS 3.4 and will strengthen to a level of NIS 3.5 by the end of the year.
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