Israeli forex reserves continue to fall in March

JERUSALEM, April 9 (Xinhua) -- Israel's foreign exchange reserves stood at 115.98 billion U.S. dollars at the end of March, a decrease of 313 million dollars from the previous month, according to a report issued by Israel's central bank on Monday.

The reserves represent 33 percent of Israeli GDP.

The decrease was the result of government transfers abroad totalling about 587 million dollars and the private sector transfers worth 6 million dollars, the report said.

The decrease, however, was partially offset by foreign exchange purchases by the Bank of Israel totalling 143 million dollars, all of which were part of a purchase program intended to offset the effects of natural gas production on the exchange rate, and a revaluation that increased the reserves by about 137 million dollars.

It is the second successive month that the reserves have declined, despite an overall rising trend from 103.17 billion dollars a year ago. Enditem