Bottom shekel || The yawning deficit that nobody is counting
The Bank of Israel's NIS 39 billion negative equity is not substantially different from the government deficit but everyone ignores it
The Bank of Israel's financial report for the end of 2012 shows it has negative equity of close to NIS 39 billion. In order to grasp the significance of this figure, it's important to first try to understand what the report tells us about the central bank, which operates without any profit motive...
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