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| At independence in ], the power of note issuance was vested with the ], which was refounded as ] in ]. Monetary policy and banking supervision remained controlled by the Ministry of Finance. | At independence in ], the power of note issuance was vested with the ], which was refounded as ] in ]. Monetary policy and banking supervision remained controlled by the Ministry of Finance. | ||
| The Bank of Israel was founded on ], ], when the ] passed the Bank of Israel Act, which passed control over note issuance and banking supervision. Control over foreign exchange was not ceded to the bank until ]. Since ], the bank has set an ] target and been empowered to manage the monetary policy so as to meet that target. | The Bank of Israel was founded on ], ], when the ] passed the Bank of Israel Act, which passed control over note issuance and banking supervision. Control over foreign exchange was not ceded to the bank until ]. Since ], the bank has set an ] target and been empowered to manage the monetary policy so as to meet that target. The bank complies with the ]. | ||
| The Bank of Israel is located in ], with a branch office in ]. | The Bank of Israel is located in ], with a branch office in ]. | ||
Revision as of 14:23, 22 November 2006
| Bank of Israel logoBank of Israel logo | |
| Headquarters | Jerusalem, Israel |
|---|---|
| Central bank of | Israel |
| Currency | New Israeli Shekel (ISO 4217) |
| Bank rate | 5.25% |
| Interest on reserves | 5.25% |
At 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 August 24, 1954, when the Knesset passed the Bank of Israel Act, which passed control over note issuance and banking supervision. Control over foreign exchange was not ceded to the bank until 1978. Since 1992, the bank has set an inflation target and been empowered to manage the monetary policy so as to meet that target. The bank complies with the [[Halachic ramifications of Usury in Jewish Law.
The Bank of Israel is located in Jerusalem, with a branch office in Tel Aviv.
The current governor is Stanley Fischer.
Governors of the Bank
- David Horowitz, 1954 - 1971
- Moshe Sanbar, 1971 - 1976
- Arnon Gafni, 1976 - 1981
- Dr. Moshe Mendelbaum, 1982 - 1986
- Prof. Michael Bruno, 1986 - 1991
- Prof. Jacob Frenkel, 1991 - 2000
- Dr. David Klein, 2000 - 2005
- Prof. Stanley Fisher, 2005 - present
See also
Lists
External links
- Official website (English) - http://www.bankisrael.gov.il/firsteng.htm
- Official website (Hebrew) - http://www.bankisrael.gov.il/firstheb.htm