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Fear of an upheaval in the financial system? The Governor of the Bank of Israel will convene the Stability Committee for an extraordinary discussion Israel today

2023-02-22T20:01:54.439Z


Prof. Amir Yaron decided that the committee, which meets 4 times a year, will meet before the planned date • The purpose of the committee is to support the stability of the financial system • Just two days ago the governor told "Israel Hayom" that "there are no unusual financial movements"


The governor of the Bank of Israel, Prof. Amir Yaron, decided today (Wednesday) that he will convene the stability committee for an extraordinary discussion soon.

The committee, chaired by the governor himself, usually meets four times a year, and this time it will meet even before the planned date, which is apparently due to concerns of the central bank and the Ministry of Finance for the stability of the financial system in Israel.

The Financial Stability Committee is a committee established by virtue of the "Bank of Israel Law", whose purpose is to support the stability of the financial system in Israel and its regular operations, through coordination, cooperation and information sharing between all the financial supervisory authorities - the Ministry of Finance, the Bank of Israel and the financial regulators, the Capital Market Authority and the Securities Authority.

Bank of Israel, photo: Contact

This is a discussion whose content is confidential, which may be related to the withdrawal of deposits abroad. We note that this week the Governor told "Israel Today" that there are no "abnormal" money movements. According to him, "Frequently, regardless of the recent events, we are in dialogue with the banking system and the the financial and we have data on these subjects.

Beyond that, at the macro level we receive all the data, as of now there is no unusual activity here."

The committee is chaired by the Governor of the Bank of Israel and its members include, among others, Treasury Ministry Director General Shlomi Heisler, Deputy Governor Andrew Abir, Securities Authority Chairman Anat Guetta, Acting Capital Market Authority Commissioner Amit Gal and Bank Supervisor Yair Avidan.

Governor of the Bank of Israel, Prof. Amir Yaron, on a trip after raising the interest rate one more time // Photo: L.A.M.

"I don't have a crystal ball"

On Monday, Prof. Yaron gave an interview to "Israel Today" and said regarding the credit rating that "I don't have a clear crystal ball exactly what will happen. I think it is quite clear from my statement in the Finance Committee that economic studies show that independent and strong institutions are an essential component of a prosperous and developed economy. Therefore we We see the international bodies, including the credit rating companies, diagnose this and are interested in this issue. Therefore, as I said, it is extremely important to preserve these characteristics of strong and independent institutions in any process of their consolidation."

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Source: israelhayom

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