Foreign Currency Reserves Dropping

Israel’s foreign currency reserves are dwindling at an average rate of $115 million per month, Moshe Mandelbaum, Governor of the Bank of Israel, reportedly told a closed meeting of the Knesset’s Finance Committee today.

The meeting was closed at the specific request of the Bank of Israel, the country’s central bank. Several members of the committee claimed the currency reserves now stand below the “red line”, the danger point, although there have been some differences of opinion on what that line is.

According to figures released recently, Israel’s foreign currency reserves were slightly over $2 billion, a cause for concern. At today’s meeting some MKs blasted the government’s economic policies which they contended contributed to the dangerous foreign currency situation.