Isarel's central bank registers $8 billion growth in assets in 2023

The Bank of Israel published its financial statements for 2023, reporting that its balance sheet at the end of 2023 was approximately $855.4 billion Shekels ($235 billion), an increase of around $29.1 billion Shekels ($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 $47.7 billion Shekels ($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 ($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 ($231 billion), a decline of around 28.9 billion Shekels ($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 ($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 ($12.7 billion) to the revaluation reserves, the Bank's adjusted net profit in accordance with the Law totaled 11.3 billion Shekels ($3.1 billions).

This led to a decrease in the Bank's accumulated deficit of about 113.9 billion Shekels ($32 billion) at the end of 2023. In accordance with the Law, an accumulated deficit will be offset against future profits to transfer.