The Bank of Israel plans to invest nearly $500 million of its foreign currency reserves in Swiss stocks, minutes of the latest monetary policy committee discussions released yesterday showed.
Two of the four committee members voted for the plan to invest in Switzerland as a means to expand the bank’s portfolio, while the other two abstained. It was not clear how Bank of Israel Governor Karnit Flug voted. The central bank noted it was also studying investing in equities in Canada and Australia in 2017.
Israel’s foreign currency reserves rose to a record high of $96.5 billion in May.