Israel's foreign currency reserves fell in October $528 million, or 2.2%, to $23.95 billion from a record $24.48 billion in September, the Bank of Israel said on Sunday.

The central bank said that the drop was mainly due to reduction of deposits at the Bank of Israel, by about $420 million.

The drop follows four months of climbing foreign currency reserves. The reserves have steadily grown from $6.5 billion at year-end 1993 to their current level of almost $24 billion.