Tel Aviv, Dec 21 (IANS): The balance of assets held abroad by Israeli residents reached an all-time record high of $558 billion at the end of the third quarter in 2020, according to a report issued by the Jewish state's central bank.

In the third quarter, the asset balance increased by almost $35 billion, or 6.65 per cent, from the end of the second quarter of this year, Xinhua news agency quoted the report as saying.

The bank explained that the increase was derived mostly from a rise in reserve assets and from purchases of shares that increased the balance of investment in the foreign securities portfolio.

Israel's outstanding liabilities increased by about $13 billion dollars, or 3.6 per cent, in the third quarter to a record high of $371 billion.

The increase was primarily due to purchases of government bonds and direct investments in the Israeli economy.

Thus, Israel's surplus of assets over liabilities vis-a-vis abroad increased by about 13.3 per cent in the third quarter to $187 billion dollars at the end of September.

The ratio of gross external debt to GDP increased from 29.3 per cent to 31.1 per cent during the third quarter.