The Bank of Israel said that the decrease was the result of a revaluation of the reserves by approximately $4.695 Billion, private sector transfers of approximately $143 million and government transfers to abroad totaling approximately $480 million. It certainly makes sense that Israel’s foreign currency reserves would drop over the summer. First of all, over the summer Israelis leave the country En Masse for trips abroad. Israelis love to travel the world. And this means buying Dollars and Euros in cash for their trips. And all of those hotel bills and shopping sprees that are put on Israeli credit cards...