Top related persons:
Top related locs:
Top related orgs:

Search resuls for: "Bank of Israel Gov"


13 mentions found


In an industry of around 400,000 there are currently around 6,000 vacant tech jobs, according to government data. More than half of the country's startups held an account with SVB, companies and venture capital investors said, in some cases their only U.S. banking facility although the amounts involved are not fully known. Tech companies and investors alike said SVB was a rarity in the banking industry, familiar with Israel's tech ecosystem and offering loan terms unmatched by other banks. Citing the judicial reforms, Adam Fisher, a partner at investment firm Bessemer Venture Partners, said fewer American banks may be willing to lend to Israeli companies, which means less competition and more onerous terms. Israel's tech companies are therefore likely to flock to register as U.S. companies, while keeping R&D back home, said Yaron Samid, managing partner of the TechAviv Founder Partners fund.
Israel's tech sector is the country's main growth engine, and its relationship with the Silicon Valley region is strong. NextVision (NXSN.TA), a maker of micro stabilised cameras, said in a regulatory filing in Tel Aviv that it withdrew on Thursday almost all of the $2.7 million it held in SVB. The Tel Aviv index of the five largest banks (.TELBANK5) was down 4% in afternoon trading, while the index of eight insurers (.TAINS) fell 4.7%. Israel's two largest banks, Leumi (LUMI.TA) and Hapoalim (POLI.TA), said their tech banking arms would issue loans to startups and other tech firms that were without access to credit in the wake of SVB's collapse. Reporting by Steven Scheer; Editing by Hugh Lawson, Frank Jack Daniel and Raissa KasolowskyOur Standards: The Thomson Reuters Trust Principles.
[1/2] A Tel Aviv Stock Exchange sign is seen at the bourse in Tel Aviv, Israel November 4, 2020. With Israel's trading week running Sunday through Thursday, it was the first opportunity for Tel Aviv investors to react to the failure of Silicon Valley Bank, the largest bank to fail since the 2008 financial crisis. Israel's tech sector is the country's main growth engine and its relationship with the Silicon Valley region is strong. NextVision (NXSN.TA), a maker of micro stabilised cameras, said in a regulatory filing in Tel Aviv that it withdrew on Thursday almost all of the $2.7 million it held in SVB. The Tel Aviv index of the five largest banks (.TELBANK5) was down 2.5% at midday, while the index of eight insurers (.TAINS) fell 4.2%.
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.
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.
[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.
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.
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.
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.
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.
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.
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.
Total: 13