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Moda'i was a member of the now-defunct Liberal Party, which later merged into the Likud. He was a member of several Likud cabinets, and served as a Minister without Portfolio, Communications Minister, Finance Minister, Justice Minister and Energy and Infrastructure Minister. He is best known for the 1985 economic stabilization plan that managed to curtail Israel's hyperinflation of the early 1980s, which he, as Finance Minister, devised together with then-Prime Minister Shimon Peres. Thanks to the plan, the Israeli economy averted total collapse and inflation was reduced from an annual rate of almost 450% to less than 20% in less than two years. This plan has become a model for other countries facing similar economic situations.
In 1990 he and four other MKs (all of them former members of the Liberal Party) broke away from Likud to form the Party for the Advancement of the Zionist Idea, later renamed the New Liberal Party. The party failed to cross the electoral threshold in the 1992 elections and Moda'i lost his seat.
