Bank of Israel Buys $1.027 Billion as Reserves Edge Up

Israel's central bank reported that foreign-exchange reserves ended June at $238.699 billion, up $18 million from May and equal to 37.2 percent of GDP. It said June included $1.027 billion in foreign-currency purchases to maintain orderly market functioning, plus $625 million from government foreign-exchange activity, partly offset by a $1.458 billion negative revaluation. Israeli business coverage said this was the second straight month of purchases after about $801 million in May. The move shows Israel using policy room to steady markets and cushion exporters from an unusually strong shekel.