The Minister of Finance and senior ministry officials visited the Bank of Israel

Minister of Finance Moshe Kahlon, Deputy Minister Yitzhak Cohen, Director General Shai Babad, and Head of the Budget Division Shaul Meridor visited the Bank of Israel.  Following a face-to-face meeting between the Minister and Bank of Israel Governor Prof. Amir Yaron, the Ministry officials visited the Currency Department facilities and the Market Operations Department's Trading Room.  They then held an economic discussion together with Bank of Israel Director General Hezi Kalo, Research Department Director Prof. Michel Strawczynski, Supervisor of Banks Dr. Hedva Ber, Market Operations Department Director Andrew Abir, and Supervisor of Credit Data Sharing Tzuriel Tamam.  The Head of the Competition Authority, Michal Halperin, also participated in the meeting.

 

Bank of Israel Governor Prof. Amir Yaron said, "I think the Minister of Finance and senior ministry officials for their visit, and I am pleased to hold a broad discussion on various issues on the public agenda.  There is constant cooperation between the Ministry of Finance and the Bank of Israel at all levels over a wide variety of areas.  The Israeli economy is growing at a solid pace, and the financial markets have thus far not been seriously affected by the uncertainty created due to the political situation, but we cannot derive from this that there is no damage.  The incoming government will be faced with a significant challenge in terms of dealing with the deficit problem and important tasks in terms of handling the problem of low productivity in the Israeli economy.  All public representatives must understand that a delay in dealing with these issues will harm the Israeli economy."

 

Minister of Finance Moshe Kahlon said, "I thank the Bank of Israel for the tour and the professional review.  The upcoming period will be challenging and will require full cooperation between the Ministry of Finance, the Bank of Israel, and all of the bodies leading the Israeli economy so that we can get through the period of political uncertainty.  The Governor and I talked about how the political uncertainty requires us to act with extra responsibility to prevent damage to the Israeli economy. The macroeconomic data as presented to us are good, certainly relative to global data.  The review of the banking reform showed tremendous progress, we succeeded with the separation of the credit card companies from the banks, and we need to continue in order to open the banking market to real competition.  In order to maintain our strong economic position and meet the economic challenges ahead of us, we need to quickly complete the work of forming the government to benefit the management of the Israeli economy."​