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☆ More clarity needed on future defence spending, Israel's central bank chief says
▼ + stars: | 2024-03-31 | by ( ) www.cnbc.com time to read: +2 min

Amir Yaron, governor of the Bank of Israel, speaks during an interest rates news conference in Jerusalem, Israel, on Monday, Feb. 26, 2024. Israel's central bank chief on Sunday called on the government to enact responsible fiscal policy by reining in non-defence spending to offset any further expansion in the military budget. Israel intends to add some 20 billion shekels ($5.4 billion) of spending towards defence a year going forward. Israel's economy grew 2% in 2023, with zero per capita GDP. The governor said Israel's economy entered the war with good economic fundamentals and has in the past rebounded rapidly from crises.

Persons: Amir Yaron, Israel, Yaron Organizations: Bank of Israel, Hamas, Jewish Locations: Jerusalem, Israel, Israel's, Gaza

☆ Israel’s economy slumps in the fourth quarter as war takes a toll
▼ + stars: | 2024-02-19 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —Israel’s output contracted sharply in the final three months of 2023, falling for the first time in nearly two years, as the war with Hamas takes a heavy toll on the economy. The conflict is expected to cost Israel around 255 billion shekels ($70.3 billion) by the end of 2025, equivalent to around 13% of GDP, according to the Bank of Israel. And earlier this month, Moody’s delivered Israel’s first ever credit rating downgrade, citing elevated political risk and deteriorating public finances stemming from the war. “Under a scenario of outright conflict… the negative economic impact would spread to more sectors and be longer-lasting,” Moody’s said. In 2023 as a whole, Israel’s economy grew 2%, according to the statistics office.

Persons: Liam Peach, ” Peach, Moody’s, Israel’s, ”, ” Moody’s, Ido Soen Organizations: London CNN, Hamas, Gross, Israel’s, Bureau, Statistics, Israel, Capital Economics, Bank of Israel Locations: Gaza, Israel, Lebanese

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 and Hezbollah each have lessons from their last war, in 2006, a monthlong conflict that ended in a draw. A United Nations resolution ending the war called for withdrawal of Israeli forces from Lebanon and a demilitarized zone on Lebanon's side of the border. Israeli political and military leaders have warned Hezbollah that war is increasingly probable unless the militants withdraw from the border. Hezbollah leader Hassan Nasrallah hasn't threatened to initiate war but warned of a fight “without limits” if Israel does. Costs would rise sharply if there's war with Lebanon.

Persons: They've, U.N, Antonio Guterres, Hassan Nasrallah hasn't, Andrea Tenenti, Lisa Abou Khaled, ”, Tal Beeri, there's, Israel's, Orna Mizrahi, Netanyahu, Dina Arakji, ___ Lidman Organizations: United States, United, U.S, Bank of Israel, Alma Research, Education Center, Israel Democracy Institute, Institute for National Security Studies, Gaza's Health Ministry, Lebanese Locations: BEIRUT, Israel, Gaza, United, Lebanon, United Nations, Europe, Iran, Israel's, “, Syria, Iraq, Yemen, Beirut, ”, Tel Aviv

☆ 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 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

☆ 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 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

☆ 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

☆ Israel's First International Bank Q3 profit dips, default provision jumps
▼ + stars: | 2023-11-29 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

FIBI, Israel's fifth largest bank, also said on Wednesday it would keep unchanged its dividend policy of paying out 50% of annual net profit. Net profit for the July-September quarter was 455 million shekels ($124 million), down from 467 million shekels a year earlier. FIBI said it had 165 million shekels in credit loss expenses in the quarter, versus 43 million the previous year. FIBI recorded a non-interest financing expense of 1 million shekels in the quarter versus income of 48 million the year before. FIBI said its board approved a dividend distribution of 90 million shekels.

Persons: Baz Ratner, FIBI, Smadar Barber, Steven Scheer, Mark Potter Organizations: International Bank of Israel, REUTERS, Rights, Bank of, Thomson Locations: Jerusalem, Bank of Israel

☆ Israel's war with Hamas will cost $53 billion, Israeli central bank says
▼ + stars: | 2023-11-28 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Israel's central bank forecasts war with Hamas to cost $53 billion between 2023 and 2025, per the WSJ. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementNew estimates from the Israeli central bank forecast the war with Hamas to cost Israel roughly $53 billion between now and 2025, according to a Wall Street Journal report. By the end of 2024, the war will cut into Israel's GDP by 3%, in the Israeli central bank's view, even as policymakers work to stabilize financial markets and its currency. Thanks to central bank interventions, it's jumped about 9% over the last four weeks against the greenback, after the conflict had previously dragged the currency to an 11-year low.

Persons: Israel's shekel, —, Amir Yaron, it's, Yaron Organizations: Service, Wall, Bank of Israel, greenback Locations: Israel

☆ Peace settlement could fuel inflation in Israel, economist says
▼ + stars: | 2023-11-28 | 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 EmailPeace settlement could fuel inflation in Israel, economist saysMarc Ostwald, global strategist and chief economist at ADM Investor Services, discusses the Bank of Israel's decision to keep it's rates unchanged at 4.75% and what it could mean for the country's economy long term.

Persons: Marc Ostwald Organizations: ADM Investor Services, Bank of Locations: Israel

☆ Budget demands highlight tensions in Israel's wartime coalition
▼ + stars: | 2023-11-26 | by ( ) www.reuters.com time to read: +2 min

Israeli Emergency cabinet minister and opposition politician Benny Gantz leaves after he addressed the press in Kiryat Shmona, Israel November 14, 2023. Gantz, in a strongly-worded letter to Netanyahu that his office made public, referred to a meeting of the broader cabinet scheduled for Monday that will deal with the proposed budget changes. Gantz repeated his opposition to the inclusion of "coalition funds" in the proposed budget and said there should be no extra money for purposes beyond the war effort or supporting economic growth. Should the meeting take place and the budget remain as is, Gantz said his faction would "vote against the proposed budget and weigh its next steps". Most of the coalition funds had been cut, and those that remained were apolitical, it said.

Persons: Benny Gantz, Evelyn Hockstein, Benjamin Netanyahu, Gantz, Netanyahu, Netanyahu's, Bezalel Smotrich, Smotrich, Bezalel, Ari Rabinovitch, Giles Elgood Organizations: REUTERS, Rights, Finance, The Bank of Israel, Thomson Locations: Kiryat Shmona, Israel, Gaza

☆ 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

☆ Euro finds footing on hawkish policy remarks, lower energy prices
▼ + stars: | 2023-11-09 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. The Australian dollar fell 0.5% overnight and was last at $0.6405, just above its 50-day moving average. It seems set for its largest weekly fall since June, as the central bank appeared to raise the bar for further hikes after lifting rates on Tuesday. In Asia, China's yuan touched a two-month high in overnight offshore trade. China's consumer prices fell in October, data showed on Thursday, stoking expectations for lower interest rates.

Persons: Dado Ruvic, Gabriel Makhlouf, Joachim Nagel, Jane Foley, Mario Draghi, Brent, Ping, Michael Wan, Jerome Powell, Tom Westbrook, Christian Schmollinger Organizations: REUTERS, Central Bank's, Bank of Japan, Rabobank, Treasury, New Zealand, Canadian, Italian, ECB, Financial, Reuters, Ping An Insurance Group, HK, MUFG, Bank of Israel, Thomson Locations: SINGAPORE, Ireland's, U.S, Asia, Europe, Singapore, East, Gaza City

[1/2] The Bank of Israel building is seen in Jerusalem June 16, 2020. Israel's central bank has played its part too with a flurry of support measures, and has stayed away from rate cuts. At the outset of the war, markets were stunned. "The Bank of Israel took very aggressive action," said Gil Moshe, the head of markets at the Israel unit of U.S. bank Citi. Looking to next year, Shmuel Katzavian, a strategist at Israel's Discount Bank, expects the shekel to continue to strengthen.

Persons: Ronen, Israel's, Yaniv Pagot, Amir Yaron, Geoff Yu, Gil Moshe, Pagot, Shmuel Katzavian, Steven Scheer, Marc Jones, Jan Harvey Organizations: Bank of, REUTERS, Rights, Tel Aviv Stock Exchange, Reuters, U.S . Federal Reserve, BNY Mellon, Reuters Graphics, Israel, Citi, Israel's Discount Bank, Thomson Locations: Bank of Israel, Jerusalem, Gaza, Iran, Lebanon, Israel's, Israel, U.S, London

☆ 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

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

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

☆ 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

The cost to Israel's economy of its war with Hamas militants will be unlike anything it has experienced in decades. "This is not a hit for contractors or industrialists alone," said Raul Sarugo, president of the Israel Builders' Association. Israel was blindsided on Oct. 7 by Hamas gunmen from Gaza who rampaged through border towns in the deadliest attack on civilians in its history. The conflict has also halted the movement of thousands of Palestinian labourers from Gaza to Israel and curtailed the flow from the occupied West Bank. The Economy Ministry created a war room and put out a call for help.

Persons: Raul Sarugo, Israel, Netanel Shraga, Barak Klein, ThetaRay, Erel Margalit, Dror Bin, We've, Bin, Leo Leiderman, Amir Yaron, Yaron, Steven Scheer, Ari Rabinovich, Toby Chopra Organizations: Hamas, Israel Builders ' Association, West Bank, Columbia, HIGH, TECH, Factories, Israel Innovation Authority, Ministry, Bank Hapoalim, Israeli Finance Ministry, Reuters, of Israel, Thomson Locations: Israel, Gaza, Israel's, Iran, Lebanese

☆ 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

☆ Morning Bid: Markets juggle 5% yields and 150 yen
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 11, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsA look at the day ahead in U.S. and global markets from Mike DolanPartly unwinding pre-weekend safety hedges related to the Middle East conflict, world markets are back focused on some critical macro priced levels and milestones that may once again define the week. The dollar retained its bid as a result and continued to probe the 150 yen level many suspect the Bank of Japan will be keen to protect against with open-market yen buying. But even these megacaps are still in thrall to the worrying squeeze in U.S. bond markets and the breach of the 5% threshold on 10-year tenors on Monday. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brendan McDermid, Mike Dolan, Goldman Sachs, thrall, that's, That's, Sergio Massa, Javier Milei, Maria Corina Machado, Hess, Berkley, Brown, Susan Fenton Organizations: New York Stock Exchange, REUTERS, Bank of Japan, European Central Bank, Industrial, China, Goldman, Microsoft, Meta, Federal Reserve, Economy, Banco BBVA Argentina, Peronist, Massa, Venezuelan, Chevron, Exxon, Natural Resources, Brown, Cadence, Packaging Corp of America, Fed, Bank of Israel, Trade Organization, Treasury, Reuters, Thomson Locations: New York City, U.S, Gaza, China, Taiwan, outflows, 50bps, York, America, Venezuela, Geneva

☆ War With Hamas Hits Israel’s Economy, Central Bank Says
▼ + stars: | 2023-10-23 | by ( Liz Alderman | More About Liz Alderman | ) www.nytimes.com time to read: +1 min

The war between Israel and Hamas will abruptly slow the Israeli economy this year and next and send the nation’s budget deficit soaring as the country ramps up spending to support the military, civilians and businesses during the conflict, the Bank of Israel said on Monday. Many businesses have been forced to pause activity, and hundreds of thousands of Israeli reservists are now on active duty, while many people are in shelters. Even so, he added, “it is clear that a shorter or longer duration, as well as any developments of the war to additional arenas,” would add uncertainty to the economic outlook. The conflict has dealt a fresh blow to a resilient economy that until recently had been hailed as an entrepreneurial powerhouse. Israel had low debt, a current account surplus and high foreign exchange reserves, although growth had begun to slow amid high interest rates, rising inflation and expectations of a slowdown in the global economy.

Persons: “, Amir Yaron Organizations: Bank of Israel Locations: Israel, Jerusalem

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