Israel April Currency Reserves Rise to Record $77.4 Billion

Israel’s foreign currency reserves increased to a record in April as the central bank resumed purchases after a one-month hiatus.

Reserves rose to $77.4 billion from $74.5 billion at the end of the previous month, the Bank of Israel said in an e- mailed statement today. The Bank of Israel purchased close to $1.5 billion in April, it said.

Changes in exchange rates resulted in a gain of $1.5 billion, the bank said.

The central bank has been buying foreign currency in most months since March 2008, more than doubling reserves, in an effort to moderate shekel gains and help exporters compete.

To contact the reporter on this story: Alisa Odenheimer in Jerusalem at aodenheimer@bloomberg.net.

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.

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