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It is the first time Moody’s has lowered Israel’s credit rating, which is used by investors to measure the riskiness of investing in a global entity or government. Moody’s downgraded Israel from A1 to A2 and said the outlook for the country’s economy was “negative.” The A2 rating nonetheless continues to carry relatively low risk, according to Moody's. Photos You Should See View All 21 ImagesStill, Israeli officials fear that the Moody’s downgrade could lead other major agencies also to downgrade Israel’s outlook. Israel’s economy bounced back after previous wars with Hamas, but the current war is much longer than any of those. Concerns about Israel’s governance, rising inflation and a worldwide slowdown in tech investments last year also weighed on the economy.

Persons: “, ” Moody’s, Moody’s, Bezalel Smotrich, ”, Benjamin Netanyahu, Michel Strawczynski, it’s, Amir Yaron, Israel –, Western Europe —, Benjamin Netanyahu's, Moody's Organizations: —, Sunday, Finance, Hebrew University, Bank of Israel, Bank of Israel Gov Locations: TEL AVIV, Israel, Gaza, Jerusalem, Western Europe

☆ Israel's ban on Palestinian workers is causing supply shocks to its economy: central bank governor
▼ + stars: | 2024-01-18 | by ( Natasha Turak | ) www.cnbc.com time to read: +3 min

"And it's primarily in the construction industry where ... a third of that industry is Palestinians from the West Bank, and now they're not coming in to work." "It's also affecting agriculture, where they are in, and there are other foreign workers," Yaron said. watch nowThe ban on most of these workers returning to their employment in Israel has dramatically hurt the economy of the West Bank. In late December, Israel's finance ministry warned that the ban on Palestinian workers could cost Israel's economy billions of shekels per month. Fifty percent of the sites are closed and there is an impact on Israel's economy and the housing market."

Persons: Amir Yaron, Kobi Wolf, CNBC's Dan Murphy, Yaron, Raul Sargo Organizations: Bank of Israel, Bloomberg, Getty, Economic, West Bank, Israel, Times, Israel Builders Association Locations: Jerusalem, Israel, Davos, Gaza, Times of Israel, Thailand

☆ Israel is a dynamic and resilient economy that will bounce back, Bank of Israel governor says
▼ + stars: | 2024-01-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIsrael is a dynamic and resilient economy that will bounce back, Bank of Israel governor saysAmir Yaron, Bank of Israel governor, speaks to CNBC's Dan Murphy about the economic challenges the country is facing amid the war in Gaza.

Persons: Amir Yaron, CNBC's Dan Murphy Organizations: Israel, Bank of Israel Locations: Gaza

☆ Israel's central bank estimates spending to fight Hamas will be about 10% of GDP
▼ + stars: | 2024-01-17 | by ( Aruni Soni | ) www.businessinsider.com time to read: +2 min

Israel's war with Hamas is costing the country the equivalent of 10% of GDP, the central bank's governor said. The Bank of Israel has estimated that it will cost about $58 billion between 2023 and 2025. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe Hamas war will cost Israel the equivalent of a 10th of the country's GDP, the central bank's chief said on Wednesday. AdvertisementThe central bank has also stepped in to stop the shekel from sliding last year, providing $15 billion through swap lines, and pushing the currency up 8.8% against the dollar in November.

Persons: —, Amir Yaron, Yaron Organizations: The Bank of Israel, Service, Bank of Israel, Bloomberg Locations: Israel

☆ Israel has the opportunity to hit the 'restart button' on fiscal policies, governor says
▼ + stars: | 2024-01-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIsrael has the opportunity to hit the 'restart button' on fiscal policies, governor saysAmir Yaron, the Bank of Israel governor, discusses fiscal policy. "There are other issues on the fiscal side that this was an opportunity to do a restart button, such as core studies, things that are engine growth for longer term for the economy," he says.

Persons: Amir Yaron Organizations: Israel, Bank of Israel

☆ Central bank blunders undermine tough rate talk
▼ + stars: | 2023-12-05 | by ( Francesco Guerrera | ) www.reuters.com time to read: +8 min

Comments by central bankers underline their desire to keep interest rates high until price growth quiesces. Policymakers’ recent mistakes mean they will struggle to convince investors their tough talk is real. U.S. Federal Reserve Chair Jay Powell says his fellow policymakers are “not thinking about rate cuts at all”. In May, after another U.S. regional bank failure, markets concluded that the Fed’s rate hike at the beginning of that month would be its last. Respected central bankers might be able to convince markets that these numbers don’t portend imminent rate cuts.

Persons: Jay Powell, Christine Lagarde, Andrew Bailey, Powell, backtrack, –, Lagarde, Treasuries, BoE, Bailey, Ben Bernanke, Jacob Frenkel, Peter Thal Larsen, Oliver Taslic, Thomas Shum Organizations: Reuters, Traders, U.S . Federal, European Central Bank, Bank of England, titans, Deutsche Bank, Treasury, Reuters Graphics Reuters, LSEG, Silicon Valley Bank, Fed, ECB, Bank of Israel, Federal Reserve, European, Thomson Locations: Silicon, Bailey, United States, Ukraine, Central

☆ Hit by war, Israelis defer loan repayments in October -banks regulator
▼ + stars: | 2023-11-22 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

An explosion takes place during Israeli air strikes over Gaza, as seen from southern Israel, amid the ongoing conflict between Israel and the Palestinian group Hamas, November 22, 2023. REUTERS/Alexander Ermochenko Acquire Licensing RightsJERUSALEM, Nov 22 (Reuters) - Israelis deferred payment on nearly 3 billion shekels of loans in October as a result of Israel's war with Hamas, the banking regulator said on Wednesday. Following the attacks on Israel by Palestinian Hamas gunmen on Oct 7 and the subsequent war, the central bank's banking supervisor told banks to allow for loan deferrals and ease fees for households and businesses affected by the conflict. "It is important to emphasize to the public the significance of deferring loan repayments, and that borrowers should do so only if they really need to." ($1 = 3.7154 shekels)Reporting by Steven Scheer; Editing by Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

Persons: Alexander Ermochenko, Banks Daniel Hahiashvili, Amir Yaron, Steven Scheer, Angus MacSwan Organizations: Palestinian, Hamas, REUTERS, Rights, Bank of, Data, deferrals, " Bank of Israel, Thomson Locations: Gaza, Israel, Bank of Israel, Palestinian

☆ Israel says it raised $8 billion of debt since start of war with Hamas
▼ + stars: | 2023-11-13 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

Israel Defense Forces/Handout via REUTERS Acquire Licensing RightsJERUSALEM, Nov 13 (Reuters) - Israel has raised about 30 billion shekels ($7.8 billion) in debt since the start of the war with Hamas militants, the Finance Ministry said on Monday. Slightly more than half of that - 16 billion shekels - was dollar-denominated debt raised in issuances in international markets, it said. The ministry on Monday raised another 3.7 billion shekels in the local market in its weekly bond auction. As a result, Israel recorded a budget deficit of 22.9 billion shekels in October, a leap from 4.6 billion in September and pushing up the deficit over the prior 12 months to 2.6%. But Bank of Israel Governor Amir Yaron has said the government needs to balance "supporting the economy and maintaining a sound fiscal position."

Persons: Benjamin Netanyahu, Amir Yaron, Steven Scheer, Hugh Lawson Organizations: Palestinian, Hamas, Israel Defense Forces, REUTERS Acquire, Rights, Finance, Bank, Israel, Bank of Israel, Thomson Locations: Gaza, Israel, issuances

☆ Top Israeli economists urge PM to cancel billions of unneeded spending
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +2 min

In a letter to Netanyahu and Finance Minister Bezalel Smotrich, the economists - including former Bank of Israel Governor Jacob Frenkel - said expenses as a result of the conflict would cost at least tens of billions of shekels. These funds were highly contentious within the finance ministry since much of the funds were aimed at encouraging ultra-Orthodox men to not join the workforce. "The government must face the challenges as soon as possible and try to restore the citizens' trust in its ability to do so. Netanyahu's office did not immediately comment while a spokesman for Smotrich said there will be a change in reallocating state funding. ($1 = 4.0404 shekels)Reporting by Steven Scheer; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Benjamin Netanyahu, Netanyahu, Bezalel Smotrich, Jacob Frenkel, Smotrich, Eugene Kandel, Leo Leiderman, Bank Hapoalim, Steven Scheer, Jonathan Oatis Organizations: Finance, Bank of Israel, Bank, Reuters, Thomson Locations: Gaza, Israel

Reuters GraphicsThe Tel Aviv Inter-Bank Offered Rate, or TELBOR , a proxy for interest rate expectations, shows markets are now pricing in just over 50 bps of rate cuts over the next 12 months. "We thought the market was overreacting and exaggerating a rate cut in the (Oct. 23) decision, during the war," Bank Hapoalim's Shafrir said. The central bank's own economists project 50-75 bps of rate cuts in the next year. Prior to the war, markets had predicted that the benchmark rate would be lowered by at least 100 bps through 2024 as inflation returned to its target range. Israel's next rate decision is due on Nov. 27 with markets currently expecting rates to be held, and the three-month TELBOR rate pointing to a 25 bps cut in early 2024.

Persons: Violeta Santos Moura, Morgan Stanley, Georgi Deyanov, Modi Shafrir, Amir Yaron, Andrew Abir, Shafrir, Yaron, Anatoliy Shal, Shal, Steven Scheer, Karin Strohecker, Sumanta Sen, Kirsten Donovan Organizations: REUTERS, Palestinian, Hamas, Bank of Israel, Bank Hapoalim, Reuters, Tel Aviv Inter, Monday, P Global Market Intelligence, Thomson Locations: Israel's, Gaza, Israel, LONDON, Jerusalem, London

The Bank of Israel building is seen in Jerusalem June 16, 2020. Finance Minister Bezalel Smotrich has said the government will spend whatever is needed on the war and on compensation. Bank of Israel Governor Amir Yaron on Monday cautioned that it was "important to continue conducting responsible fiscal policy." The central bank projects the debt-to-GDP ratio growing to 62% this year and to 65% in 2024 from 60.5% in 2022. Israel will have to raise more debt, but the government still has some manoeuvring room, given the relatively low budget deficit and debt-to-GDP ratio before the war as well as its long-term debt portfolio, the ministry official said.

Persons: Ronen, Bezalel Smotrich, Amir Yaron, Steven Scheer, John Stonestreet Organizations: of, REUTERS, Rights, Hamas, Bank of Israel, Thomson Locations: of Israel, Jerusalem, Israel, Gaza

☆ Israel to amend budget, Gaza war direct cost at $246 mln daily
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

[1/2] Israeli soldiers stand guard and look at a fire that was caused when a rocket that was launched from Gaza landed in southern Israel, October 24, 2023. Smotrich described the S&P downward revision from "stable" published on Tuesday as "alarmist" and said he did not anticipate major Israeli deficits despite the crisis. He praised Bank of Israel Governor Amir Yaron, who was due to have stepped down but extended his tenure due to the crisis, for "functioning above and beyond". But Smotrich would not be drawn on whether Yaron should be formally kept in office. Writing by Dan Williams Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Violeta Santos Moura, Bezalel Smotrich, Smotrich, Amir Yaron, Dan Williams, Bernadette Baum Organizations: REUTERS, Rights, Israeli, Army Radio, Bank of Israel, Thomson Locations: Gaza, Israel

☆ Bank of Israel focus on stabilizing market: Ex-governor
▼ + stars: | 2023-10-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank of Israel should and will 'place a lot of weight' on stabilizing the market: Former governorKarnit Flug, former Bank of Israel governor and vice president of research at the Israel Democracy Institute, discusses what the central bank should do in the wake of the Israel-Hamas war.

Persons: Karnit Flug Organizations: Email Bank of Israel, Bank of Israel, Israel Democracy Institute Locations: Israel

☆ Israeli lawmaker urges cbank to lower rates amid conflict
▼ + stars: | 2023-10-16 | by ( Steven Scheer | ) www.reuters.com time to read: +3 min

"The interest rate increases were due to inflation, and the reality has changed. I turn to the governor: just lower the interest rate," said committee chairman Moshe Gafni during a session to discuss compensation for those impacted by the fighting. Finance Minister Bezalel Smotrich, who was participating in the panel's session, rejected Gafni's call to demand Yaron lower rates. Gafni also called on banks to waive interest payments and said he was not satisfied with a central bank plan issued on Sunday. Under the plan, loan payments of mortgages, consumer credit and business credit would be deferred without charging interest and without charging fees.

Persons: Moshe Gafni, Ammar Awad, Amir Yaron, Gafni, Bezalel Smotrich, Smotrich, it's, Steven Scheer, Nick Macfie Organizations: Torah, REUTERS, Rights, Bank of Israel, Finance, Thomson Locations: Jerusalem, Israel, Gaza

"But there is no doubt this war will have fiscal implications that will depend on its intensity and duration," he said in published remarks. "However, with the appropriate budget adjustments, ones that I believe are manageable, there should be no major changes to our fundamental fiscal position." He noted that Israel entered this war with a very solid fiscal position - a debt-to-GDP ratio just below 60% and a budget deficit of around 1.5% of GDP with similar projections for 2024. The central bank, Yaron noted, was using a variety of policy tools to assure the continuing functioning of the markets. Yaron said Israel's forex reserves of some $200 billion "provides us with ample capacity to support the Israeli economy."

Persons: Amir Yaron, Yaron, Israel, Israel's, Steven Scheer, Ari Rabinovitch, Louise Heavens, Giles Elgood Organizations: Bank of Israel, Hamas, The Bank, Israel, Thomson Locations: Gaza, Israel

☆ Israel, Hamas at war: Latest Updates
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +8 min

* The International Committee of the Red Cross said it was in touch with both Hamas and Israel about the hostages. * "There are no wreaths left in Israel anymore," said one of the many volunteers working to prepare funeral flowers for more than 1,200 Israelis killed since Hamas gunmen burst into Israel. [1/6]Israeli soldiers patrol following a mass-infiltration by Hamas gunmen from the Gaza Strip, in Sderot, in southern Israel, October 11, 2023. INTERNATIONAL REACTION* Initial U.S. intelligence reports show that key Iranian leaders were surprised by the unprecedented attacks on Israel by Hamas, according to a source. INSIGHTS/EXPLAINERS* How a secretive Hamas commander masterminded the attack on Israel.

Persons: Israel, Fabrizio Carboni, I'd, Mohammaalal, gravediggers, Violeta Santos Moura, Pope Francis, Antony Blinken, Blinken, Jordan, Mahmoud Abbas, Tayyip Erdogan, Ursula von der Leyen, Mohammed Deif Deifly, Amir YaronYaron, Janet Yellen, I'm, Stephen Farrell, Gerry Doyle, Andrew Cawthorne, Lisa Shumaker, Michael Perry Organizations: Red, Hamas, Israel, Committee, ICRC, REUTERS, Saudi, Big, West Bank, Palestinian, Airlines, Norwegian Air, Dutch KLM, Air, Bank of Israel, . Treasury, Thomson Locations: Gaza, Israel, U.S, Egypt, huddling, U.N, Palestinian, Tel Aviv, Beeri, Sderot, EU, Jerusalem, Air France, Saudi Arabia

☆ Israel, Hamas at war: Live updates
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +6 min

Oct 11 (Reuters) - Israel has formed an emergency unity government, with Prime Minister Benjamin Netanyahu sitting in a war cabinet with centrist former defence minister Benny Gantz. * Hamas militants holding Israeli soldiers and civilians hostage have threatened to execute a captive for each home in Gaza hit without warning. * "There are no wreaths left in Israel anymore," said one of the many volunteers working to prepare funeral flowers for more than 1,200 Israelis killed since Hamas gunmen burst into Israel. [1/9]Israeli soldiers patrol following a mass-infiltration by Hamas gunmen from the Gaza Strip, in Sderot, in southern Israel, October 11, 2023. INSIGHTS/EXPLAINERS* How a secretive Hamas commander masterminded the attack on Israel.

Persons: Benjamin Netanyahu, Benny Gantz, I'd, Mohammad al Najjar, gravediggers, Violeta Santos Moura, Pope Francis, Israel, Antony Blinken, Tayyip Erdogan, Ursula von der Leyen, Mohammed Deif, Biden, Amir Yaron, Janet Yellen, I'm, Stephen Farrell, Gerry Doyle, Andrew Cawthorne, Lisa Shumaker, Michael Perry Organizations: Hamas, ICRC, REUTERS, Big, Saudi, Bank of Israel, . Treasury, Thomson Locations: Israel, Gaza, huddling, U.N, Egypt, Palestinian, Tel Aviv, Beeri, Sderot, EU, Jerusalem, Saudi Arabia

☆ Israel, Hamas at War: Live Updates
▼ + stars: | 2023-10-11 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +5 min

CONFLICT* Addressing American Jewish community leaders at the White House, U.S. President Joe Biden called the Hamas attack on Israel "the deadliest day for Jews since the Holocaust." * The UN Security Council will meet on Israel, Gaza on Friday. INSIGHTS/EXPLAINERS* How a secretive Hamas commander masterminded the attack on Israel. The fighting between Israel and Hamas is the latest in seven decades of war and conflict. INTERNATIONAL REACTION* Initial U.S. intelligence reports show that key Iranian leaders were surprised by the unprecedented attacks on Israel by Hamas, according to a source.

Persons: Benjamin Netanyahu, Benny Gantz, Joe Biden, Antony Blinken, I'd, Mohammad al Najjar, gravediggers, Mohammed Deif, Pope Francis, Israel, Amir Yaron, Janet Yellen, I'm, Stephen Farrell, Gerry Doyle, Andrew Cawthorne, Lisa Shumaker, Michael Perry Organizations: Reuters, Hamas, Jewish, White House, UN Security, Big, Saudi, Bank of Israel, . Treasury Locations: Israel, Gaza, Egypt, Tel Aviv, Beeri, Saudi Arabia

The Bank of Israel building is seen in Jerusalem June 16, 2020. The shekel fell 2.2% versus the dollar to 3.924 - its lowest since a 2016 - after the announcement, then steadied. The central bank also said it would provide liquidity through SWAP mechanisms in the market of up to $15 billion. "The Bank of Israel will continue monitoring developments, tracking all the markets, and acting with the tools available to it as necessary," it said. Israel's dollar-denominated government bonds also fell sharply in early European trading as investors got their first chance to react to the unprecedented weekend attack.

Persons: Ronen, Amir Yaron, Steven Scheer, Ari Rabinovitch, Emily Rose, Marc Jones, Jacqueline Wong, Sonali Paul, Andrew Heavens Organizations: of, REUTERS, Rights, Bank, Israel, Palestinian, Citi, Bank of Israel, Reuters, Thomson Locations: of Israel, Jerusalem, Gaza, Israel, Egypt, Yom, Tel Aviv, London

The Bank of Israel building is seen in Jerusalem June 16, 2020. The move appeared to quickly calm the market as the shekel recovered from steep early losses. The central bank also said it would provide liquidity through SWAP mechanisms in the market of up to $15 billion. "The Bank of Israel will continue monitoring developments, tracking all the markets, and acting with the tools available to it as necessary," it said. Last month, Bank of Israel Governor Amir Yaron told Reuters that despite the sharply weaker shekel that has helped to push up inflation, there was no need to intervene since there were no market failures.

Persons: Ronen, Amir Yaron, Steven Scheer, Ari Rabinovitch, Emily Rose, Jacqueline Wong, Sonali Paul Organizations: of, REUTERS, Rights, Bank, Israel, Palestinian, Bank of Israel, Reuters, Thomson Locations: of Israel, Jerusalem, Gaza, Israel, Egypt, Yom

☆ Analysis-Amid Israel turmoil, markets want continuity at central bank helm
▼ + stars: | 2023-09-21 | by ( Steven Scheer | ) www.reuters.com time to read: +5 min

JERUSALEM (Reuters) - Financial markets are hoping Prime Minister Benjamin Netanyahu keeps Bank of Israel Governor Amir Yaron for a second term to safeguard the bank’s independence and provide reassuring stability to an economy rattled by political turmoil this year. FILE PHOTO: The Bank of Israel building is seen in Jerusalem June 16, 2020. “Therefore, markets and credit rating agencies are reading more into the question of ‘yes’ or ‘no’ to a second term. “Who will be governor is a major concern for investors abroad,” said Leader Capital Markets Chief Economist Jonathan Katz. Israeli media have reported that Netanyahu is considering Efraim Benmelech - a professor of finance at Kellogg School of Management at Northwestern University.

Persons: Benjamin Netanyahu, Amir Yaron, Ronen, Netanyahu, Yaron, Karnit Flug, Fitch, ”, Jonathan Katz, “, ” Katz, Nadine Baudot, Jacob Frenkel, ” Frenkel, Netanyahu’s, Flug, Stanley Fischer, Fischer, Efraim Benmelech, Benmelech, Andrew Abir Organizations: Bank, Israel, Bank of, REUTERS, Netanyahu’s, Wharton School, University of Pennsylvania, Reuters, ”, Capital Markets, Bank of Israel, Israel Democracy Institute, U.S . Federal Reserve, Kellogg School of Management, Northwestern University Locations: JERUSALEM, Bank of Israel, Jerusalem, Israeli, United States, Ukraine, Russia, “ Israel, Israel

☆ Analysis: Amid Israel turmoil, markets want continuity at central bank helm
▼ + stars: | 2023-09-21 | by ( Steven Scheer | ) www.reuters.com time to read: +6 min

[1/2] The Bank of Israel building is seen in Jerusalem June 16, 2020. "Therefore, markets and credit rating agencies are reading more into the question of 'yes' or 'no' to a second term. "Who will be governor is a major concern for investors abroad," said Leader Capital Markets Chief Economist Jonathan Katz. A few years earlier in 2010, Stanley Fischer accepted a second term and helped Israel weather the global financial crisis. Reporting by Steven Scheer Additional reporting by Maayan Lubell Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Ronen, Amir Yaron's, Benjamin Netanyahu, Amir Yaron, Yaron, Netanyahu, Flug, Fitch, Jonathan Katz, Katz, Nadine Baudot, Jacob Frenkel, Frenkel, Netanyahu's, Stanley Fischer, Fischer, Efraim Benmelech, Benmelech, Andrew Abir, Steven Scheer, Maayan, Christina Fincher Organizations: Bank of, REUTERS, Bank, Israel, Netanyahu's, Wharton School, University of Pennsylvania, Reuters, Capital Markets, Bank of Israel, Israel Democracy Institute, U.S . Federal Reserve, Kellogg School of Management, Northwestern University, Thomson Locations: Bank of Israel, Jerusalem, JERUSALEM, Israeli, United States, Ukraine, Russia, Israel

☆ Israel central bank says digital shekel launch an 'open question'
▼ + stars: | 2023-09-12 | by ( Steven Scheer | ) www.reuters.com time to read: +3 min

The Bank of Israel in November 2021 stepped up its research and preparation for the possible issuance of a digital shekel to create a more efficient payments system after first considering issuing a central bank digital currency (CBDC) in late 2017. "Whether or not we will issue a digital shekel is still an open question, as it is in most if not all other advanced economies," Bank of Israel Governor Amir Yaron said at a conference on digital currencies. Israel's central bank has been experimenting with a digital shekel with its Hong Kong counterpart and the Bank for International Settlements. Deputy Governor Andrew Abir said that for Israel, issuing a digital shekel would provide more competition in a financial system dominated by a few large banks and institutions. "I believe central banks should return to examine the possibility (of) remunerated CBDCs – that is, for the central bank to pay interest CBDC directly to the end users who hold it, and enjoy the security provided by the central bank.

Persons: Amir Yaron, Yaron, Israel, Andrew Abir, Abir, Steven Scheer, Alexander Smith, Mark Porter Organizations: The Bank of Israel, Bank of Israel, Hong Kong, Bank for International, Thomson Locations: Israel

☆ Bank of Israel says currency intervention will only be necessary 'if we see market failures'
▼ + stars: | 2023-09-05 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

This picture taken on August 23, 2022 shows a view of the exterior of the headquarters of the Bank of Israel, the country's central bank, in Kiryat Ben-Gurion in Jerusalem. Bank of Israel Governor Amir Yaron said Tuesday that currency intervention to support the weaker shekel will only be necessary in the event of market failures. "The shekel has had a long relationship with the financial markets abroad, it has been tied to that. "We believe that we should let the market try to figure out that risk premia," he added, noting that markets appear to have "functioned well" in recent months despite the increased volatility. "However, if there will be market failures, which we have not seen thus far or very significant movements that really impede on inflation, then we have the tools to deal with that."

Persons: Gurion, Amir Yaron, Yaron, CNBC's Dan Murphy Organizations: Bank of Israel, Jerusalem . Bank of Israel, U.S Locations: Kiryat Ben, Jerusalem ., Israel

☆ Israel's tech sector troubles persist in 2023, state agency says
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +2 min

A global tech downturn began in the second half of 2022 when inflation and interest rates began to rise and supply chains faltered. But as the negative trends appear to be reversing elsewhere, the problems in Israel have continued in 2023, the Innovation Authority said in its latest report. The Innovation Authority said that "senior figures" in Israel's tech industry had warned of a backlash and of "foreign investors' concerns about continued investment in Israel." So far in 2023, the Nasdaq has risen 29%, while Israel's main technology index (.TATECH) is up 7.8%. "Insofar as this trend persists, it may have an adverse effect on the economy in the long term," Yaron said.

Persons: Benjamin Netanyahu's, Amir Yaron, Yaron, Ari Rabinovitch, Steven Scheer, Mark Potter Organizations: Israel Innovation Authority, Innovation Authority, Nasdaq, Bank of Israel, Thomson Locations: Israel, Tel Aviv

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