Bank of Israel saw USD 8 billion increase in assets in 2023

Tel Aviv [Israel], March 31 (ANI/TPS): The Bank of Israel published its financial statements for 2023, reporting that its balance sheet at the end of 2023 was approximately USD 855.4 billion Shekels ($235 billion), an increase of around USD 29.1 billion Shekels (USD 8 billion or 3.5 Per cent more) compared with the balance at the end of 2022.
The increase on the assets, explained the Bank, derived primarily from the increase of USD 47.7 billion Shekels (USD 13 billion) in the assets abroad item, due to an increase in the mark to market adjustment and an increase in their shekel value.
In contrast, there was a decrease the bank reported that the balance of assets in Israel, totaling approximately 18.6 billion Shekels (USD 5.1 billion), mainly due to the repayment of monetary loans extended to banking corporations against the background of the COVID-19 crisis.
The balance of the Bank's liabilities at the end of 2023 was approximately 844.9 billion Shekels (USD 231 billion), a decline of around 28.9 billion Shekels (USD 7.9 billion or 3.35 per cent less) compared with 2022.
The Bank explained the decrease derived mainly from a decline totaling 23.7 billion (USD 6.6 billion) in the balance of the monetary absorption instruments--Makam (a short-term security issued to the general public by the Bank of Israel and traded on the Tel Aviv Stock Exchange) and time deposits--in view of the decline in liquidity surpluses in the market, among other things a result of Bank of Israel activity in the domestic markets.
After attributing the unrealized gains totaling 46.1 billion Shekels (USD 12.7 billion) to the revaluation reserves, the Bank's adjusted net profit in accordance with the Law totaled 11.3 billion Shekels (USD 3.1 billions).
This led to a decrease in the Bank's accumulated deficit of about 113.9 billion Shekels (USD 32 billion) at the end of 2023. In accordance with the Law, an accumulated deficit will be offset against future profits to transfer. (ANI/TPS)