Governor of the Bank of Israel in an economic review at the Finance Committee (Knesset Spokespersons)
The chief economist at the Ministry of Finance, Shira Greenberg, warned today (Thursday) that the legal revolution promoted by the government and the reactions to it could harm the economy.
"To the extent that the reform is perceived by the market as undermining the strength and independence of state institutions, and increasing the uncertainty in the investment environment, this may harm economic activity in the economy," she wrote in the multi-year budget proposal for 2024-2027, which will soon be presented to ministers in a yeshiva.
In the official document issued by the Ministry of Finance, they do not rely only on the public and business attitude towards the reform, but also on global economic studies, according to which "a positive relationship was found between the strength and independence of state institutions and economic growth".
The legal revolution could harm the economy.
Levin and Smotrich (Photo: Reuven Castro)
Last night, Bank of Israel Governor Prof. Amir Yaron convened the Financial Stability Committee for an extraordinary discussion.
This, against the backdrop of speculation that Yaron intervened in the foreign exchange market in an attempt to lower the dollar rate. The gathering indicates pressure in the banking system. The committee members include the director general of the Ministry of Finance, Shlomi Heisler, the deputy
governor of the Bank of Israel, Andrew Abir, the chairman of the Securities Authority , Anat Guetta, MM in charge of the capital market, Amit Gal, the supervisor of banks, Yair Avidan, head of the payment systems and clearing department at the Bank of Israel, Oded Saloni, and the representative of the National Economic Council, Oded Salomi.
The committee meets for regular meetings four times a year, and additional meetings are held rarely and in times of crisis.
The weakening of the shekel and the falls in the stock market are an unusual event that led the governor to take a step, the very publication of which may raise the level of concern in Israel and around the world.
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