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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

☆ 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

It was a paid ad by a group of high-tech companies protesting against Netanyahu's judicial policies, which analysts say have unleashed a slew of risks, both for Israel's economy and for his own political future. Israel's shekel moved on every twist and turn in parliament as efforts to reach a judicial compromise intensified and finally crashed. For now, Israel's economy is relatively robust, with growth forecast at 3% this year and unemployment at a 3.5% rate. Even if Netanyahu chooses to scrap plans for further judicial changes, damage will be hard to fix. The tech sector has a lot to lose if more controversial judicial changes come because firms need a trusted legal system to protect their intellectual property.

Persons: Netanyahu, Moody's, Benjamin Netanyahu, Israel's shekel, Morgan Stanley, Itzchak Raz, Netanyahu's, They're, Raz, Avi Hasson, Nicholas Farr, Amir Yaron, Amotz Asa, Asa, Shalom Hartman, Maayan Lubell, William Maclean Organizations: Government, Hebrew University, Israel Innovation Authority, Nation Central, Capital Economics, Analysts, Bank, Thomson Locations: JERUSALEM, Israel, Jerusalem

☆ Israel's Knesset gives initial nod to contested Supreme Court bill
▼ + stars: | 2023-07-10 | by ( Maayan Lubell | ) www.reuters.com time to read: +3 min

JERUSALEM, July 10 (Reuters) - Israel's parliament gave preliminary approval to a bill that limits some Supreme Court power, part of a rebooted judicial overhaul by Prime Minister Benjamin Netanyahu that has set off a deep political crisis. The new bill seeks a curb on the Supreme Court's power to void decisions made by the government, ministers and elected officials by ruling them unreasonable. "It is not the end of democracy, it strengthens democracy," Netanyahu said in a video statement released at sundown as the Knesset debated the bill. Israeli Prime Minister Benjamin Netanyahu speaks during a meeting at the Knesset, Israel's parliament, in Jerusalem, May 23, 2023. REUTERS/Ronen Zvulun/File Photo"Even after the amendment court independence and civil rights in Israel will not be harmed in any way.

Persons: Benjamin Netanyahu, Netanyahu, Ronen, Amir Yaron, Yaron, Isaac Herzog, Herzog, Steven Scheer, Maayan Lubell, William Maclean, Stephen Coates Organizations: REUTERS, Bank of Israel, Thomson Locations: Jerusalem, Israel, Bank

☆ 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

JERUSALEM, Feb 22 (Reuters) - Israeli Prime Minister Benjamin Netanyahu on Wednesday instructed lawmakers from his Likud party to stop interfering with and speaking out against Bank of Israel Governor Amir Yaron and his interest rate policies. Cohen on Wednesday clarified on Twitter that he supported central bank independence. The central bank raised interest rates by half a percentage point at a policy meeting on Monday to 4.25%, its eighth hike since last April. "Prime Minister Netanyahu ordered Knesset members of Likud to stop interfering and speaking on the issue of the governor," said a Likud spokesperson. Some analysts believe that part of the shekel's recent depreciation versus the dollar stems from political attacks on the central bank.

☆ Israel delays bill to freeze mortgage rates for first-time buyers
▼ + stars: | 2023-02-12 | by ( Steven Scheer | ) www.reuters.com time to read: +1 min

JERUSALEM, Feb 12 (Reuters) - Israel will delay passing a new law that would freeze mortgage rates for first-time home buyers, Finance Minister Bezalel Smotrich said on Sunday, as the proposed legislation faces opposition from the country's central bank. Gafni and Smotrich said they would meet with the banking regulator, which is part of the central bank, to come up with a solution for mortgage holders. The benchmark interest rate is expected to soon reach at least 4%. Gafni for months has promoted a bill to protect some mortgage holders from higher rates to help ease the financial burden. Last week, he said he planned to bring the bill to the government's ministerial legislation committee on Sunday.

☆ Cyber firm Wiz moving funds out of Israel due to judicial plans -source
▼ + stars: | 2023-02-07 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

[1/2] Israelis working in the hi-tech sector hold signs with the Hebrew words "No democracy, no hi-tech" as they demonstrate against proposed judicial reforms by Israel's new right-wing government in Tel Aviv, Israel January 24, 2023. The source, who spoke to Reuters on condition of anonymity, said Wiz, a unicorn with a value of some $6 billion, has concerns about growing uncertainty in the Israeli market in light of the proposed changes. Wiz declined to comment on the transfer of money out of Israel which was initially reported by Channel 12 news. The proposed judicial overhaul, which has yet to be written into law, would tighten political control over judicial appointments and limit the Supreme Court's powers to overturn government decisions or Knesset laws. On Monday, Bank of Israel Governor Amir Yaron told lawmakers that institutional independence was vital for Israel's sovereign credit rating.

☆ Watch Bank of Israel Governor Amir Yaron's full Interview with CNBC
▼ + stars: | 2023-01-19 | 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 EmailWatch Bank of Israel Governor Amir Yaron's full Interview with CNBCAmir Yaron, the governor of the Bank of Israel, speaks to CNBC’s Hadley Gamble at the World Economic Forum in Davos, saying he expects inflation to come down to Israel’s target toward the end of 2023.

☆ Israel inflation rate expected to come down by end of 2023: Central bank governor
▼ + stars: | 2023-01-19 | 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 inflation rate expected to come down by end of 2023: Central bank governorAmir Yaron, the governor of the Bank of Israel, says he expects inflation to come down closer to Israel’s target rate toward the end of 2023.

The central bank as expected lifted its key rate to a 14-year high of 3.75% from 3.25%. "We won't hesitate to raise rates further," Yaron said, adding he expects inflation to start easing in the second quarter. "We are determined to reduce the inflation rate and to return it to within the target range," Yaron said. "It is important to remember that the Israeli economy cannot take for granted the high regard from the rating entities and international financial institutions." Israel's economy grew an annualised 1.9% in the third quarter from the second quarter, slower than a 7.4% pace the prior three months.

☆ Israel's Bank Hapoalim freezes mortgage rates for hard-hit homeowners
▼ + stars: | 2023-01-01 | by ( Steven Scheer | ) www.reuters.com time to read: +1 min

JERUSALEM, Jan 1 (Reuters) - Israel's Bank Hapoalim (POLI.TA) will not pass on to customers the central bank's next increase to interest rates, it said on Sunday, citing the struggles of homeowners faced with higher mortgage payments amid a broad spike in the cost of living. Hapoalim, one of Israel's two largest banks, said customers who have difficulty making mortgage payments will not have to pay extra and that it will leave the prime rate for them at 4.75% for now. The move is valid for one year for existing customers that have a mortgage linked to the prime rate and meet a number of criteria, the bank said. Hapoalim Chief Executive Dov Kotler put the number of customers who would benefit from the freeze at more than 10,000. In November Moshe Gafni, the head of the Israeli parliament's powerful finance committee, criticised a wave of central bank increases to interest rates and proposed legislation to shield mortgages.

☆ Israel regulator awards licence to investors to set up new digital bank
▼ + stars: | 2022-12-25 | by ( ) www.reuters.com time to read: +1 min

The Bank of Israel said its banking supervision department had completed the inspection process for the new institution named Esh Bank Israel. These include completing the development and testing phases of new technology and hiring a management team and bank staff. It will take about a year and a half to get the bank up and running, the central bank said. Last January, One Zero Digital Bank received final regulatory approval for a full banking licence, becoming the first new Israeli bank in 43 years. "We see great importance in the entry of banks and additional new players into the banking system in Israel, so that they contribute to increasing competition and innovation in the financial system," said Bank of Israel Governor Amir Yaron.

☆ Israeli lawmaker tables bill to limit banks raising mortgage rates
▼ + stars: | 2022-12-12 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

JERUSALEM, Dec 12 (Reuters) - The head of Israel's powerful parliamentary finance committee submitted a bill on Monday that would limit banks' ability to raise mortgage rates after central bank interest rate increases. The Bank of Israel has raised its benchmark interest rate by 3.15 percentage points to 3.25% since April, with more hikes likely. Monthly mortgage repayments have soared by more than 1,000 shekels ($291), with high inflation an additional factor. The aggressive interest rate increases are aimed at countering inflation that has topped 5%, exacerbating already high costs of living. He said any legislation to get around the higher rates would create risks for banks.

☆ Israeli finance panel chief suggests law to shield mortgages from rate hikes
▼ + stars: | 2022-11-28 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

REUTERS/Amir Cohen/File PhotoJERUSALEM, Nov 28 (Reuters) - The head of the Israeli parliament's powerful finance committee on Monday criticized a wave of central bank interest hikes and said he would propose legislation to minimise their impact on mortgage holders. In a bid to fight rising inflation, the Bank of Israel last week raised its benchmark interest rate (ILINR=ECI) by a half-point to an 11-year high of 3.25%. It was the sixth increase in an aggressive monetary tightening cycle that has taken the rate from 0.1% in April. Gafni said his committee, which controls the government's purse strings, would not interfere in monetary policy decisions by Israel's independent central bank. Speaking to the committee, Bank of Israel Governor Amir Yaron defended the rate hikes, pointing to an inflation rate of 5.1%.

☆ Israel annual inflation rate holds at 4.6% in September
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +1 min

JERUSALEM, Oct 14 (Reuters) - Israel's annual consumer price index (CPI) of inflation remained at a 4.6% rate in September, the Central Bureau of Statistics said on Friday, amid steep Bank of Israel rate hikes in recent months. A Reuters poll of analysts had projected an inflation rate of 4.5% last month. CPI rose 0.2% in September from August, led by gains in fresh produce, healthcare, education and furniture, the bureau said. In a bid to cool inflation, Israel's central bank has raised its benchmark rate (ILINR=ECI) to 2.75% from 0.1% in April, the last two moves strong 75 basis-point hikes in August and on Oct. 3. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Steven Scheer; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

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