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July 28, 2016 / 22 Tammuz, 5776

Posts Tagged ‘Bank of Israel’

Is Jerusalem Truly Israel’s Capital?

Saturday, June 4th, 2016

Since 2006 there are no foreign embassies in Jerusalem. This obviously reflects the reluctance of the entire world that does have diplomatic relations with the Jewish State to recognize its ownership of Jerusalem. It is a unique phenomenon in world affairs. Not only do the nations of the world not accept Jerusalem’s status as Israel’s capital, the international community also regards about half of it, eastern Jerusalem, including the entire Old City, as part of the “occupied Palestinian territories,” and no one officially recognizes western Jerusalem as part of the territory of Israel either.

Under the United Nations Partition Plan for Palestine adopted by the General Assembly of the United Nations in 1947, Jerusalem was going to be an international territory administered by the United Nations. In the 1948 war, the western part of the city was occupied by Israel, the eastern part by Jordan. And since the international community relies on the 1947 UN partition plan regarding the legal status of Jerusalem, it refuses to recognize Israeli sovereignty over any part of the city.

Israel, obviously, feels very differently about this matter: On December 5, 1949, Prime Minister David Ben-Gurion, proclaimed Jerusalem as Israel’s capital, and in July 1980 Israel passed the Jerusalem Law, as part of its constitutional Basic Laws, declaring Jerusalem the “complete and united” capital of Israel.

Jerusalem, which for the first 19 years of the state was a remote, unsafe (Jordanian snipers), small and joyless (Tel Aviv ruled), was transformed after the 1967 liberation of the Old City and the holy sites, exactly 49 years ago Sunday. Today 10% of Israelis live in Jerusalem — 850,000, twice as many as live in Tel Aviv, three times as do in Haifa.

When King David conquered the city and purchased the top of Temple Mount, just under 3,000 years ago, the entire city area was probably about 60 hectares. Today it is about 2,000 times larger, with 125,156 hectares included in the Jerusalem municipality.

The first university in the Land of Israel, Hebrew University, was established in Jerusalem, in 1925. Today 17% of Israeli university students study there, and 26% of the Ph.D. candidates.

Many Israeli national institutions are located in the Government District in Givat Ram in Jerusalem, as a part of the National District. Some government buildings are located in the Menachem Begin District. The city is home to the Knesset, the Supreme Court, the Bank of Israel, the National Headquarters of the Israel Police, the official residences of the President and Prime Minister, the Cabinet, and all ministries except for the Ministry of Defense (Tel Aviv) and the Ministry of Agriculture and Rural Development (Rishon LeZion).

And so it is clear that no other issue separates Israel from the rest of the world as radically as that of Jerusalem’s status. Most Israelis born after 1967 naturally view Jerusalem as their unquestionable capital. Leftwing Israelis who would agree to handing over some or all of eastern Jerusalem to a future independent Palestinian entity, are probably not aware of the fact that the world does not differentiate between eastern and western Jerusalem, and regards neither as naturally belonging to Israel, never mind recognizing them as its capital.

JNi.Media

Bank Leumi to Cut 10 Percent of Work Force

Wednesday, May 25th, 2016

Bank Leumi plans to cut at least 10 percent of its work force, according to the draft of a five-year plan presented this week to the Bank of Israel.

In the first year of the bank’s reorganization plan, more than a thousand workers are to be laid off, according to Israel Radio.

Approximately 100 employees per year will be laid off in the next four years, most of whom will be those who are ready to retire.

Bank Leumi is one of the largest banks in Israel.

Hana Levi Julian

Shekel-Dollar Rate Sinks after Interest Rate Left Unchanged

Thursday, September 24th, 2015

The shekel-dollar rate plummeted to 3.92 Thursday afternoon after the Bank of Israel announced it is leaving the interest rate unchanged next month.

Before the announcement, the local currency traded above 3.95 shekels to the dollar on speculation that Bank would cut the rate which already is at a historic low of 0.1 percent.

The last time the shekel traded above the 3.94 level was in April, when it briefly crossed the 4.00 shekel level.

Jewish Press News Briefs

Netanyahu, Kahlon Cut Taxes to Spur Sluggish Economy

Thursday, September 3rd, 2015

Prime Minister Binyamin Netanyahu and Finance Minister Moshe Kahlon announced Thursday they will cut the sales tax (VAT) by one percent and do the same with the corporate tax.

Beginning October 1, the VAT will drop from 18 percent to 17 percent.

The corporate tax will drop from 26.5 percent to 25 percent, starting in January 2016.

It is estimated that the two benefits to consumers will cost the state approximately NIS 6.5 billion ($1.6 billion).

Bank of Israel Governor Karnit Flug, who is not in favor of the plan, immediately announced her criticism of the move.

But in a joint news conference Thursday afternoon, Netanyahu and Kahlon told reporters the move was designed to act as a “growth engine” on an economy that is slowing down.

“We believe in you, we believe in the free market, we believe in freedom,” the prime minister said. “I think this will help growth. I think this will give the economy the boost it needs. At a time when we are hearing about global slowdown, and here too, we want a growth engine and lowering taxes is one of them.”

Hana Levi Julian

BFF

Wednesday, June 3rd, 2015

Finance Minister Moshe Kachlon and Bank of Israel Governor Karnit Flug met today to discuss the problem of Israeli banking.

They talked about the 3 main banks who control 70% of the credit in the Israeli banking market.

They want to open more banks and create competition for the citizen and consumer.

Flug took a more cautionary tone, and added that the new banks will need to be monitored properly.

Kachlon’s next target are the insurance and pension fund companies.

Photo of the Day

Shekel-Dollar Rate Hits Three-Year High at 4.01

Friday, March 6th, 2015

The dollar was trading at 4.01 shekels shortly before noon Friday, the highest rate since 2012.

The Bank of Israel reported Friday that it bought $1 billion worth of dollars last month in its currency war to make the shekel cheap and increase exports.

The shekel-rate sneaked across the 4.00 level last week but quickly receded.

The recent buying binge of dollars by the Bank of Israel has increased Israel’s currency reserves to a whopping $85 billion.

The shekel-dollar rate could rise as far as 4.10 or 4.20, according to some analysts, but a currency bubble is developing to the point that if and when the Americans stock market starts to tumble, investors in Israel will cash in and bring home shekels. The result would be a dive in the shekel-dollar rate, with the Bank of Israel being left with a huge pile of cheaper dollars that it can’t sell without driving the rate down even further.

Tzvi Ben-Gedalyahu

Dollar-Shekel Rate Breaks 4.0 Barrier

Sunday, January 25th, 2015

The Dollar-Shekel exchange rate broke the 4.0 barrier over the weekend reaching 4.0090 — where 1 US dollar is equal to 4 Israeli Shekels.

This is the first time since September 2012 that the dollar-shekel rate broke the 4.0 mark. The 4.0 mark is considered a significant psychological barrier, and it may mean the dollar will continue to strengthen against the shekel.

A stronger dollar is good for tourists visiting Israel and Israeli exporters.

Economists don’t necessarily believe that a weak shekel is is a bad sign for the Israeli economy, as a variety of factors are influencing the exchange rate, and Israel’s fundamentals are solid.

Jewish Press News Briefs

Printed from: http://www.jewishpress.com/news/breaking-news/dollar-shekel-rate-break-4-0-barrier/2015/01/25/

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