Bank of Israel Intervenes Again With Over $1 Billion Forex Purchase in June

The Bank of Israel intervened in the foreign exchange market for the second consecutive month by purchasing $1.03 billion in June, marking a roughly 30% increase compared to the $800 million bought in May. The central bank stated that the June purchase was made "specifically to maintain the orderly functioning of the markets," echoing the rationale given for the previous intervention. By the end of June, Israel's foreign currency reserves totaled $238.7 billion, an increase of $18 million from the end of May. The reserves represent 37.2% of the country's gross domestic product. The growth in reserves was also supported by government foreign currency operations amounting to approximately $625 million.