Israel's foreign currency reserves crossed the $100 billion mark in January, their highest level since the Bank of Israel was established in 1954. Foreign currency reserves stood at $101.6 billion at the end of January, an increase of $3.16 billion from the end of the previous month, the central bank reported Tuesday. A statement on the bank's website attributed the increase to foreign currency purchases, which came to $50 million; a revaluation that increased the reserves by about $868 million; overseas government transfers totaling some $2.2 billion; and private sector transfers amounting to some $28 million. A breakdown of Israel's foreign currency reserves shows that at the end of 2016, 70% of reserves were in dollars, 25% in euros, and 5% in British pounds. Israel's foreign currency reserves came to $98.4 billion at the end of 2016, following a $1.2 billion increase in December. Many of the foreign currency purchases by the Bank of Israel in 2016 and during January were made as part of its policy of intervening in forex trading to prevent shekel appreciation.
