Bank of Israel Buys Nearly $7 Billion in Foreign Currency to Stem Stem Shekel Appreciation
Central bank's purchases follow program to buy $30 billion in 2021
Bank of Israel
The Bank of Israel was created by the Ministry of Finance in 1948 as the state’s central bank. It is charged with managing the monetary policy of the state and providing economic conditions to promote growth and success, but the government retains control over inflation targets as part of its economic policy.
In order to clearly define the relationship between the Bank of Israel and the government and to ensure the independence of the central bank, the Bank of Israel Law was passed in 1954, officially establishing the Bank of Israel, and the bank’s headquarters was established in Jerusalem.
The Governor of the Bank of Israel has a role in advising the government and in shaping monetary policy in the country. In accordance to Knesset law, the Bank of Israel conducts research by monitoring and analyzing developments in the Israeli economy and submits its results in the Bank of Israel’s Annual Report.
Another important aspect of the Bank of Israel is its role in the foreign currency market. By monitoring and assessing developments in Israel’s foreign currency market, the Bank of Israel conducts the exchange rate policy and publishes the representative exchange rate of the New Israeli Shekel against foreign currencies.
The current Governor of the Bank is internationally renowned economist Stanley Fischer. With Fischer’s guidance, the Bank of Israel helped the Israeli economy overcome the global economic downturn quicker than other Western nations, and his policies are credited with helping the Israeli economy continue to grow.
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Panel of top economic experts issues recommendations for government to tackle high unemployment, with 11 unemployed for every available position
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Amir Yaron says 2021 budget and new labor policies needed to cope with problem
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The dollar is weakening due to optimism about a global economic recovery, as well as expectations that Washington will launch another economic incentive program
Economists Revise Israel's Financial Outlook After Surprisingly Strong 3rd Quarter
The country's GDP is still expected to shrink for the year as a whole, but by less than previously expected
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Government nominating committee approved candidacy of former Bank of Israel chief over objections by one member
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