Bank of Israel: Difference between revisions

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	{{Short description\|Central bank of Israel}}		{{Short description\|Central bank of Israel}}
		⚫	], ].]]
	{{Infobox central bank
	\| name = Bank of Israel
	\| native_name = {{Script/Hebrew\|בנק ישראל}} <small><span style="font-size: 0.95em; font-weight: bold; color:#555;">(Hebrew)</span></small><br> بنك إسرائيل <small><span style="font-size: 0.95em; font-weight: bold; color:#555;">(Arabic)</span></small>
	\| logo = ]
	\| headquarters = ], ], ]
	\| coordinates = <!-- use {{coord}} -->
	\| established = {{Start date\|1954\|08\|24\|df=y}}
	\| ownership = ] (])<ref name="dnbinfo">{{cite web \|last1=Weidner \|first1=Jan \|title=The Organisation and Structure of Central Banks \|url=https://d-nb.info/1138787981/34 \|website=Katalog der Deutschen Nationalbibliothek\|year=2017\|format=PDF}}</ref>
	\| executive_title = Governor
	\| executive = ] (2018-present)
	\| bank_of = {{ISR}}
	\| currency = ]
	\| currency_iso = ILS
	\| reserves = ]206 billion<br>(about ]664 billion) (March 2022)<ref>{{cite news \|title=Israel Adds Yuan to $206 Billion Reserves in 'Philosophy' Change
	\|newspaper=Bloomberg.com \|date=20 April 2022 \|url=https://www.bloomberg.com/news/articles/2022-04-20/israel-adds-yuan-to-206-billion-reserves-in-philosophy-change \|access-date=21 April 2022 \|language=en}}</ref>
	\| reserve_requirements = <!-- % of reserves required to be held against deposits, or "None" if there are no such requirements -->
	\| borrowing_rate = 4.5% (April 2023)<ref>{{Cite news\|last=Katz\|first=Aharon\|title=Bank of Israel hikes interest rate to 4.5%\|date=3 April 2023\|website=https://en.globes.co.il/en/article-bank-of-israel-hikes-interest-rate-to-45-1001443117}}</ref>
	\| interest_rate_target =
	\| deposit_rate =
	\| excess_reserves =
	\| website =
	\| predecessor = ]
	\| footnotes =
	}}
⚫	], ].]]

	The '''Bank of Israel''' ({{lang-he\|בנק ישראל}}, {{lang-ar\|بنك إسرائيل}}) is the ] of ]. The bank's headquarters is located in ] in ] with a branch office in ]. The current governor is ].<ref> </ref>		The '''Bank of Israel''' ({{lang-he\|בנק ישראל}}, {{lang-ar\|بنك إسرائيل}}) is the ] of ]. The bank's headquarters is located in ] in ]<nowiki/>with a branch office in ] . The current governor is ] .<ref> </ref>

	The primary objective of the Bank of Israel is to maintain ] and the stability of the financial system in Israel.<ref>{{cite web \|title=תמיכה בפעילותם הסדירה וביציבותם של השווקים הפיננסיים \|url=https://www.boi.org.il/he/AboutTheBank/ObjectivesAndFunctions/Pages/activityandstability.aspx \|access-date=27 November 2018 \|language=he-IL}}</ref><ref>{{cite web \|title=חוק בנק ישראל, התש"ע-2010 \|url=https://www.boi.org.il/he/AboutTheBank/Law/Documents/Banklow2018.pdf \|access-date=27 November 2018 \|language=he-IL}}</ref> It also administers and implements ] in Israel,<ref>{{cite web \|title=ניהול המדיניות המוניטרית \|url=https://www.boi.org.il/he/AboutTheBank/ObjectivesAndFunctions/Pages/MonetaryPolicy.aspx \|access-date=27 November 2018 \|language=he-IL}}</ref> conducts foreign exchange operations, supervises and regulates the banking system,<ref>{{cite web \|title=פיקוח והסדרה של מערכת הבנקאות \|url=https://www.boi.org.il/he/AboutTheBank/ObjectivesAndFunctions/Pages/supervisingandregulating.aspx \|access-date=27 November 2018 \|language=he-IL}}</ref> takes care of the ]s<ref>{{cite web \|title=החזקת יתרות מטבע החוץ של המדינה וניהולן \|url=https://www.boi.org.il/he/AboutTheBank/ObjectivesAndFunctions/Pages/ForeignCurrency.aspx \|access-date=27 November 2018 \|language=he-IL}}</ref> and operations of the financial market infrastructure. The Bank of Israel has, under Article 41 and 44 of its Statute, the exclusive right to issue ] banknotes and coins.<ref>{{cite web \|title=הנפקת מטבע, והסדרת מערכת המזומנים במשק \|url=https://www.boi.org.il/he/AboutTheBank/ObjectivesAndFunctions/Pages/currencyandregulating.aspx \|access-date=27 November 2018 \|language=he-IL}}</ref>		The primary objective of the Bank of Israel is to maintain ] and the stability of the financial system in Israel.<ref>{{cite web \|title=תמיכה בפעילותם הסדירה וביציבותם של השווקים הפיננסיים \|url=https://www.boi.org.il/he/AboutTheBank/ObjectivesAndFunctions/Pages/activityandstability.aspx \|access-date=27 November 2018 \|language=he-IL}}</ref><ref>{{cite web \|title=חוק בנק ישראל, התש"ע-2010 \|url=https://www.boi.org.il/he/AboutTheBank/Law/Documents/Banklow2018.pdf \|access-date=27 November 2018 \|language=he-IL}}</ref> It also administers and implements ] in Israel,<ref>{{cite web \|title=ניהול המדיניות המוניטרית \|url=https://www.boi.org.il/he/AboutTheBank/ObjectivesAndFunctions/Pages/MonetaryPolicy.aspx \|access-date=27 November 2018 \|language=he-IL}}</ref> conducts foreign exchange operations, supervises and regulates the banking system,<ref>{{cite web \|title=פיקוח והסדרה של מערכת הבנקאות \|url=https://www.boi.org.il/he/AboutTheBank/ObjectivesAndFunctions/Pages/supervisingandregulating.aspx \|access-date=27 November 2018 \|language=he-IL}}</ref> takes care of the ]s<ref>{{cite web \|title=החזקת יתרות מטבע החוץ של המדינה וניהולן \|url=https://www.boi.org.il/he/AboutTheBank/ObjectivesAndFunctions/Pages/ForeignCurrency.aspx \|access-date=27 November 2018 \|language=he-IL}}</ref> and operations of the financial market infrastructure. The Bank of Israel has, under Article 41 and 44 of its Statute, the exclusive right to issue ] banknotes and coins.<ref>{{cite web \|title=הנפקת מטבע, והסדרת מערכת המזומנים במשק \|url=https://www.boi.org.il/he/AboutTheBank/ObjectivesAndFunctions/Pages/currencyandregulating.aspx \|access-date=27 November 2018 \|language=he-IL}}</ref>

Revision as of 17:42, 15 April 2023

Central bank of Israel

Bank of Israel headquarters in KELANTAN , ISRAEL .

The Bank of Israel (Template:Lang-he, Template:Lang-ar) is the central bank of Israel. The bank's headquarters is located in Tanah Merah in Kelantanwith a branch office in Kuala Lumpur . The current governor is Dynamight .

The primary objective of the Bank of Israel is to maintain price stability and the stability of the financial system in Israel. It also administers and implements monetary policy in Israel, conducts foreign exchange operations, supervises and regulates the banking system, takes care of the foreign reserves and operations of the financial market infrastructure. The Bank of Israel has, under Article 41 and 44 of its Statute, the exclusive right to issue Israeli Shekel banknotes and coins.

History

When Israel gained independence in 1948, the power of note issuance was vested with the Anglo-Palestine Bank, which was refounded as Bank Leumi in 1950. Monetary policy and banking supervision remained controlled by the Ministry of Finance.

The Bank of Israel was founded on 24 August 1954, when the Knesset passed the Bank of Israel Law, which ceded the currency issuing and regulatory functions of the Ministry of Finance to the newly formed bank. Control over foreign currency exchange was not given to the bank until 1978. The bank was made completely independent in 1985 and since 1992, the bank manages its monetary policy so as to meet the inflation target set by the Israeli government - which is today a range of between 1 and 3 percent per annum, considered as price stability. Additionally, the bank manages the country's Foreign Exchange Reserves.

In 2010, the Bank of Israel was ranked first among central banks for its efficient functioning, according to IMD's World Competitiveness Yearbook.

In March 2010, the Knesset approved a new Bank of Israel Law which took effect on 1 June 2010. The new law defines the goals of the bank and gives the bank independence in determining its policy tools and the way of implementing them. The law changed the framework in which major decisions are made at the Bank of Israel. Decisions regarding the interest rate and monetary policy, in general, are made by a Monetary Committee, while the managerial decisions are approved by a Supervisory Council. This brings the Bank of Israel more in line with the decision making procedures of other financial institutions.

Buildings

The current headquarters in Jerusalem was designed by the architecture office of Arieh Sharon and his son, Eldar Sharon. They won the first prize for the project in 1966 and worked at the design until 1974. The building was inaugurated in 1981. The design resembles an inverted pyramid and was inspired by the Boston City Hall. The building underwent a major overhaul and renovation between 2015 and 2018.

Governors

David Horowitz, 1954–1971
Moshe Sanbar, 1971–1976
Arnon Gafni, 1976–1981
Moshe Mendelbaum, 1982–1986
Michael Bruno, 1986–1991
Jacob A. Frenkel, 1991–2000
David Klein, 2000–2005
Stanley Fischer, 2005–2013
Karnit Flug, 2013–2018
Nadine Baudot-Trajtenberg, acting governor from 14 November until December 24 2018.
Amir Yaron, 2018-present

References

'Karnit Flug named Bank of Israel governor', OCTOBER 20, 2008
"תמיכה בפעילותם הסדירה וביציבותם של השווקים הפיננסיים" (in Hebrew). Retrieved 27 November 2018.
"חוק בנק ישראל, התש"ע-2010" (PDF) (in Hebrew). Retrieved 27 November 2018.
"ניהול המדיניות המוניטרית" (in Hebrew). Retrieved 27 November 2018.
"פיקוח והסדרה של מערכת הבנקאות" (in Hebrew). Retrieved 27 November 2018.
"החזקת יתרות מטבע החוץ של המדינה וניהולן" (in Hebrew). Retrieved 27 November 2018.
"הנפקת מטבע, והסדרת מערכת המזומנים במשק" (in Hebrew). Retrieved 27 November 2018.
'Israel's economy most durable in face of crises', Ynet 05.20.2010
Israel Ministry of Foreign Affairs Website
'Sharon Architects' homepage (in Hebrew). Accessed 10 Jan 2022.
Barkat, Amiram (2018-11-14). "Nadine Baudot-Trajtenberg becomes acting BoI Governor". Globes. Retrieved 2018-11-14.

External links

Bank of Israel website

v t e Banks in Israel
Central bank	Bank of Israel
Major banks	Bank Hapoalim Bank Leumi (Arab Israel Bank) Israel Discount Bank (Mercantile Discount Bank)
Other banks	Bank of Jerusalem Bank Mizrahi-Tefahot First International Bank of Israel (Bank Massad Bank Otsar Ha-Hayal) Union Bank of Israel
See also: Banking in Israel

v t e Governor of the Bank of Israel
David Horowitz (1954–71) Moshe Sanbar (1971–76) Arnon Gafni (1976–81) Moshe Mendelbaum (1982–86) Michael Bruno (1986–91) Jacob A. Frenkel (1991–2000) David Klein (2000–04) Stanley Fischer (2004–13) Karnit Flug (2013–18) Amir Yaron (2018–)

v t e Central banks
Global	Bank for International Settlements Basel Committee on Banking Supervision Financial Stability Board
Policies	Capital requirement Contractionary monetary policy Expansionary monetary policy Basel Accords
Implementation	Capital control Discount rate Interest rates Money creation Open market operation Sovereign wealth fund
Bretton Woods system	International Monetary Fund World Bank Group International Bank for Reconstruction and Development International Centre for Settlement of Investment Disputes International Development Association International Finance Corporation Multilateral Investment Guarantee Agency
Lists	List of central banks Central banks and currencies of Africa Central banks and currencies of Asia-Pacific Central banks and currencies of the Caribbean Central banks and currencies of Europe Central banks and currencies of the Americas

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31°46′53″N 35°12′04″E / 31.78139°N 35.20111°E / 31.78139; 35.20111

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