Israel adds Chinese RMB to Central Bank reserves for first time, cuts USD holdings

The Bank of Israel has added four new currencies, including the Chinese yuan, or renminbi, to its holdings for the first time in the country’s history, Bloomberg reported last week. The central bank will also trim US dollar and euro holdings in a bid to diversify its foreign reserves, the report said.

Israel’s foreign-currency reserves, which last year exceeded $200 billion for the first time, have traditionally been made up of dollars, euros and British pounds. Israel will now include Canadian dollars and Australian dollars in its foreign-currency reserves, as well as the Japanese yen and the Chinese renminbi.

The reshuffle was a change in Israel’s “whole investment guidelines and philosophy,” Bank of Israel Deputy Governor Andrew Abir said, adding that the rise in Israel’s foreign-exchange reserves forced the central bank to consider “the need to earn a return on the reserves that will cover the costs of liability.”

By NC ScoutPublished On: April 25, 2022Categories: AP Staff, Finance1 Comment

About the Author: NC Scout

NC Scout is the nom de guerre of a former Infantry Scout and Sergeant in one of the Army’s best Reconnaissance Units. He has combat tours in both Iraq and Afghanistan. He teaches a series of courses focusing on small unit skills rarely if ever taught anywhere else in the prepping and survival field, including his RTO Course which focuses on small unit communications. In his free time he is an avid hunter, bushcrafter, writer, long range shooter, prepper, amateur radio operator and Libertarian activist. He can be contacted at [email protected] or via his blog at brushbeater.wordpress.com .