The Bank of Israel published its monthly update on Israel’s foreign exchange reserves, reporting that reserves stood at USD 218.821 billion at end-March 2025, down USD 1.433 billion from the previous month. Reserves were equivalent to 40.5% of GDP. The decline was mainly driven by the government’s foreign exchange activities of about USD 1.491 billion, partly offset by a revaluation gain of about USD 124 million. The total includes USD 214.405 billion in reserves excluding the International Monetary Fund (including reserves bought under the natural gas purchase program) and USD 4.416 billion held at the IMF, which includes Special Drawing Rights, the balance of NAB loans, and Israel’s reserve tranche position.