Jerusalem, Jun 27 (IANS): The balance of assets held abroad by Israeli residents decreased to about $694 billion at the end of the first quarter of 2022, the country's central bank has reported.

The figure represents a decline of $17 billion, or 2.4 per cent, from the all-time high of $711 billion, which was recorded at the end of 2021, the Bank of Israel was quoted as saying by Xinhua news agency.

It is also the first quarterly decline in the balance of assets held abroad by Israeli residents after seven consecutive increases since the first quarter of 2020, according to the bank's data.

The central bank explained that the decrease was mainly due to a decline in the prices of foreign securities held by Israelis.

Israeli outstanding liabilities to abroad also reduced by about $19 billion, or 3.5 per cent, in the first quarter to about $522 billion, primarily due to a decline in the prices of Israeli securities held by non-residents, according to the report.

Israel's surplus of assets over liabilities vis-a-vis abroad increased by about one percent in the first quarter to about 173 billion dollars at the end of March.

The ratio of gross external debt to GDP dropped from 33.4 per cent to 32.6 per cent during the first quarter, it added.