Israeli Central Bank

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Israeli Central Bank
בנק ישראל
Central Bank of Israel logo.svg
Headquarters Jerusalem IsraelIsraelIsrael 
founding August 24, 1954
president Carnit flight
country Israel
currency

Shekel

ISO 4217 ILS
Currency reserves US $ 122.383 billion (2019)
Base loan rate 0.75%
Base investment rate 2.00%
Website

www.bankisrael.gov.il

predecessor

Anglo-Palestine Bank

List of central banks


Israeli Central Bank building in Jerusalem

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

history

After the independence of Israel in 1948, banknote issuance was transferred to the Anglo-Palestine Bank , which renamed itself Bank Leumi in 1950. Monetary policy and banking supervision remained with the Treasury.

The Bank of Israel was created on August 24, 1954 by a corresponding law of the Knesset , which thus assumed responsibility for monetary policy and the regulation of the market. Control over currency exchange remained with the ministry until 1978. The bank only became completely independent of the government in 1985, and since 1992 the bank has been aligning its monetary policy with the stability target of currently 1-3% inflation, which is set by the Israeli government. The bank also manages Israel's foreign exchange reserves .

In September 2019, the Israeli central bank authorized the businessman Marius Nacht, co-founder of the software company Check Point, and Amnon Schaschua, founder of Mobileye, the world market leader for accident prevention systems, to create a new bank. It is the first time in more than four decades that such a license has been granted. As a concept, the two businessmen envision a direct bank that does without branches. The focus should be on private households. The central bank hopes the new bank will bring competition and innovation to Israel's banking sector.

President of the bank

decision making

In contrast to other central banks, the governor alone has the decision on interest rates.

However, it is advised beforehand by two committees. The extended forum consists of the governor, his deputy and the department directors, as well as the lecturing experts from the departments. Then the closer forum discusses without the experts, but there is no vote.

Base rate

Since 2011, the key interest rate of the Israeli central bank has been 0.10 percent. On November 26, 2018, it was increased to 0.25 percent.

See also

Individual evidence

  1. ^ Israel Foreign Exchange Reserves . tradingeconomics.com. Accessed on January 29, 2017 (English)
  2. ↑ First bank founded in 40 years. In: Israelnetz .de. September 25, 2019, accessed October 1, 2019 .
  3. ↑ Central Bank of Israel increases key interest rate. In: Israelnetz .de. November 27, 2018, accessed December 26, 2018 .

Web links

Commons : Bank of Israel  - Collection of Pictures, Videos and Audio Files

Coordinates: 31 ° 46 '53.4 "  N , 35 ° 12' 3.3"  E