Bank of Israel

Shekel

Www.bankisrael.gov.il

Anglo-Palestine Bank

The Bank of Israel (Hebrew: בנק ישראל, Arabic: بنك إسرائيل ) is the central bank of Israel. It is based in Jerusalem, a branch office is in Tel Aviv.

History

The issuing of notes was transferred to the independence of Israel in 1948 the Anglo-Palestine Bank, which changed its name in 1950 in Bank Leumi. Monetary policy and banking supervision remained with the Ministry of Finance.

The Bank of Israel was created on August 24, 1954 by a law of the Knesset, thus the responsibility for monetary policy and the regulation of the market took over. The control of the currency exchange remained until 1978 at the Ministry. Completely independent of the government, the bank was only in 1985 and since 1992, the Bank is in its monetary policy to the stability target of 1-3 % inflation currently, which is set by the Israeli government. The Bank also manages the foreign exchange reserves of Israel.

President of the Bank

• David Horowitz, 1954-1971
• Moshe Sanbar, 1971-1976
• Arnon Gafni, 1976-1981
• Moshe Mendel tree, 1982-1986
• Michael Bruno, 1986-1991
• Jacob A. Frenkel, 1991-2000
• David Klein, 2000-2005
• Stanley Fischer, 2005-2013
• Karnit Flight, 2013 -

Decision-making

Unlike other central banks, the governor has the decision on interest rates alone.

It is however advised previously by two bodies. The expanded forum composed of the governor, his deputy and the department directors, as well as the experts who the departments. After that, the closer the forum discussed without the experts, but there is no vote is taken.