Israeli saving institutions continue to purchase FX

ISRAEL - In Brief 08 Aug 2023 by Jonathan Katz
Israeli savings institutions continue to increase their FX exposure. In June institutions (total sector: pension, insurance, provident funds) increased their exposure to 19.9% of all assets under management from 19.2% last month (16.5% in Dec 22). They increased their exposure to foreign assets to 33.1% in June from 32.3% in May. In June, institutions were net FX purchasers of 0.8bn USD and 5.2bn YTD. The domestic political turmoil surrounding the judicial overhaul has encouraged institutions to increase both their FX exposure and foreign asset exposure. This trend is likely to continue as long as the overhaul is pursued and domestic market volatility and uncertainty persists.

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