look news india
Israel is currently facing the brunt of war. The entire focus of the country's government is on the elimination of Hamas in Gaza. While the war has become a threat to the lives of civilians, its impact has also been seen on Israel's economy. Israel's GDP had fallen below 19% in the fourth quarter of 2023. After which the Central Bureau of Statistics had said that the effect of the war that started on October 7 has been seen on the GDP. But the latest data on foreign exchange reserves released by the Bank of Israel shows an increase despite the war.
According to the Bank of Israel report, Israel's foreign exchange reserves are set to reach US$206.828 billion by the end of February 2024. This is an increase of US $ 703 million from the level of January. This report of the Bank of Israel has shocked everyone, due to the war it was expected that Israel would sell its foreign reserves to strengthen its currency but it has further increased its reserves.
Explaining the reason behind the increase in foreign exchange reserves, the bank said that this increase is mainly the result of revaluation. The bank also said this increase was partly offset by the government's foreign exchange activities of about $244 million.
Israel's foreign exchange reserves increased to 191 billion dollars in October, the month of war, 198 billion dollars in November, 204 in December, 206 in January and even more to 207 billion dollars in February. Let us tell you that in December 2021, this reserve record had reached close to 213 billion dollars.
It has been more than 150 days since the ongoing war between Israel and Hamas. On October 7, about 1200 civilians were killed in the Hamas attack and about 250 people were taken hostage by Hamas fighters. In response to this attack, Israel started attacks on Gaza. So far, more than 30 thousand Palestinians have died in these attacks.
