Foreign investment in Israel was largely unchanged in May from a month earlier at $370 million, the Bank of Israel said on Tuesday. Since the start of the year there has been a sharp fall in direct investments and tradeable securities by foreigners and a noticeable reduction in bank deposits that began at the start of 2000 but has grown in recent months.
Meanwhile, deposits by Israelis in overseas banks shrank slightly, to $133 million in May, compared with $155 million in April and about the same in March and February.
In the first five months of 2002, individuals deposited $580 million outside Israel compared with $350 million for the whole of 2001, and about the same for 2000, according to central bank figures.
Net accrual in foreign currency-denominated mutuals diminished to $161 million in May, compared with $183 million in April and $195 million in March. Most of the accrual in May occurred on days when the shekel was diving hard against other currencies, the central bank reported.