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☆ Israel's proposed judicial overhaul would be a 'complete revolution': Former central bank official
▼ + stars: | 2023-02-27 | 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's proposed judicial overhaul would be a 'complete revolution': Former central bank officialZvi Eckstein, former deputy governor of the Bank of Israel, discusses demonstrations in Israel against the government's proposed judicial overhaul.

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 cenbank to hike rates but analysts split on 25 or 50 bps
▼ + stars: | 2023-02-19 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

The rate has jumped from 0.1% in what the central bank called a "front loading" cycle. But higher than expected inflation and growth data issued last week has analysts believing a stronger dose of 50 basis points was now possible. The annual inflation rate rose to a more than 14-year high of 5.4% in January, slightly above a Reuters consensus and December's rate of 5.3%. Of the 15 economists polled by Reuters, nine project a 25 basis points hike while six foresee 50 basis points when the central bank announces its decision on Monday at 4 pm (1400 GMT). "Apprehension regarding the negative impact on mortgage borrowers is the only factor that may moderate the increase in interest rates," said Bank Hapoalim economist Victor Bahar.

☆ 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.

☆ Israel's NewMed predicts $15 bln gas boost for sovereign wealth fund
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

JERUSALEM, Feb 7 (Reuters) - Israel's NewMed Energy forecast on Tuesday that the country's nascent sovereign wealth fund will get a 52 billion shekel ($15 billion) injection in the coming decade from its two main natural gas fields. NewMed Energy (NWMDp.TA) Chief Executive Yossi Abu said that the company, which is the largest stakeholder in the Leviathan offshore gas project, is also promoting plans for a liquefied natural gas (LNG) terminal to boost exports. "From today until 2033, an amount of about 52 billion shekels will accumulate in the wealth fund just from the Tamar and Leviathan reservoirs," Abu told a parliamentary panel, referring to Israel's two largest natural gas fields. Its sovereign wealth fund kicked off last year, after lengthy delays, with the aim of insulating an overheated currency from the sudden expansion in national wealth due to a windfall from gas sales. NewMed is partners with Chevron (CVX.N) and Ratio (RATIp.TA) in Leviathan, which supplies gas to Israel, Jordan and Egypt through a network of pipelines.

☆ 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.

☆ Israel posts 5.3% inflation rate in 2022
▼ + stars: | 2023-01-15 | by ( ) www.reuters.com time to read: 1 min

JERUSALEM, Jan 15 (Reuters) - Israel posted an inflation rate of 5.3% in 2022, Israel's Central Bureau of Statistics said on Sunday, citing gains of housing, food and transportation and telecommunications prices. The annual rate in December was unchanged from November to remain at its highest level since October 2008 but slightly below expectations of a 5.4% rate in a Reuters poll of analysts and well below Western levels. In a bid to move inflation back to a 1-3% target, the Bank of Israel has sharply raised its benchmark interest rate (ILINR=ECI) to 3.75% from 0.1% in April. Central bank officials have said they expect the rate to reach at least 4% in coming months. Reporting by Steven Scheer Editing by Raissa KasolowskyOur Standards: The Thomson Reuters Trust Principles.

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 Discount Bank reports higher third quarter profit
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: 1 min

JERUSALEM, Nov 23 (Reuters) - Israel Discount Bank (DSCT.TA) on Wednesday reported a 31% jump in third-quarter profit, with higher interest rates boosting financing income. Discount, Israel's fourth-largest bank by assets, said it earned a net 893 million shekels ($258 million) in the quarter, up from 722 million a year earlier. Net interest income rose 10% to 2.28 billion shekels, helped by aggressive Bank of Israel rate hikes to fight inflation. Credit loss expenses for the quarter were 106 million shekels compared with income from provisions of 126 million during the same period the previous year. ($1 = 3.4598 shekels)Reporting by Ari Rabinovitch, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Israel's Bank Hapoalim Q3 profit jumps amid rate hikes
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +1 min

JERUSALEM, Nov 23 (Reuters) - Bank Hapoalim (POLI.TA) reported on Wednesday a 48% jump in quarterly net profit as higher interest rates boosted financing income. Hapoalim, one of Israel's two largest lenders, said it earned a net 1.79 billion shekels ($518 million) in the third quarter, compared with a profit of 1.21 billion shekels a year earlier. Helped by aggressive Bank of Israel rate hikes to fight inflation, net interest income rose 42% to 3.64 billion shekels. Its provision for credit losses was 45 million shekels compared with income from the provision of 252 million shekels last year. Hapoalim said it would pay a dividend of 536 million shekels, or 30% of third quarter net profit, after resuming ongoing dividends in the second quarter.

☆ BoE should stand firm on inflation despite economic slowdown-Haskel
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 11 (Reuters) - Bank of England interest rate-setter Jonathan Haskel said signs of a slowdown in Britain's economy did not imply a need for less tightening of monetary policy and the central bank should "stand firm" against the risk of persistent inflation pressure. "The concern for me is the risk that if price rises become embedded, monetary policy would have to be tighter for longer, prolonging a UK recession," he said. Therefore, right now, I believe it important for monetary policy to stand firm against the risk of persistent inflationary pressure." Haskel was one of seven members of the BoE's Monetary Policy Committee who voted last week for a 75 basis-point increase in Bank Rate, the biggest increase in borrowing costs by the central bank since 1989. Writing by William Schomberg; editing by Sarah YoungOur Standards: The Thomson Reuters Trust Principles.

☆ 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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