In response to the announcement of the extension of senior appointments as part of the agreements establishing an emergency government, Bank of Israel Governor Prof. Amir Yaron confirmed today (Wednesday) that in light of the state of emergency and the challenges facing the Israeli economy at this difficult time, he accepts the request that he extend his term, at least, until the end of the emergency period.
Although Prof. Yaron's term ends at the end of the year, until this announcement the issue of extending the Governor's term remained undecided and depended on Prime Minister Netanyahu's decision as well as the decision of the Governor himself. Netanyahu, for his part, was in no hurry to announce the extension in light of the many criticisms voiced against the governor from coalition members.
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Three months ago, the two issued a joint statement stating that the decision would be made after the High Holidays. During his tenure, Governor Yaron had to deal with unprecedented criticism from coalition members, both because of the policy of raising interest rates intended to reduce inflation and is practiced around the world, and because he repeatedly warned of the dangers of government measures and the rift among the people.
This is a reassuring message to the markets in light of the security situation, since Governor Yaron is considered and elected one of the best governors in the world. This week, the Governor announced an unusual step—the sale of $30 billion in order to rehabilitate the shekel—which led to a halt in the depreciation of the shekel and a reduction in excess volatility in the foreign exchange and stock markets.
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