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September 17, 2014 / 22 Elul, 5774
At a Glance

Posts Tagged ‘Bank of Israel’

Bank of Israel Orders 50 Percent Cut in Bank Fees

Monday, July 8th, 2013

The Bank of Israel ordered on Monday a 50 percent cut in fees Israel’s banks charge customers’ checking accounts.

The banks make money, piles of it, by milking customers for two transactions for every check – one for the deposit and one for the transfer of funds.

Bank of Israel Supervisor David Zaken ordered a stop to the procedure on Monday, leaving customers to be billed for only once charge per check, Globes business newspaper reported.

Zaken also ordered reforms in the area of stock exchange transactions.

Fischer: I Don’t Know Everything but Israel Must Do More for Peace

Sunday, June 30th, 2013

Outgoing Governor of the Bank of Israel Stanley Fischer admitted that he does not understand everything in Israel but after only eight years in the country since taking the helm at the Bank, he is another expert on the Middle East.

He previously has injected his dovish political views through hints and gestures, but his agenda became clear in an interview with Army Radio last week.

“We could have made more effort to reach a peace agreement. What happened with Sadat won’t repeat itself. Israel has partners but we must help strengthen them,” according to Fischer. “We have to help them to establish the state that they want.”

In the same interview, Fischer admitted he does not understand everything about Israel, especially the culture.

“Yelling all at once around the table, I don’t understand,” Fischer said, If two people are already talking at the same time, everyone feels free to join in,” he said. “Everyone’s yelling, nobody is listening, and I don’t understand its functionality.”

Stanley Fischer Hospitalized Overnight

Wednesday, June 26th, 2013

Outgoing Governor of the Bank of Israel Stanley Fischer was rushed to a Tel Aviv hospital Tuesday night after complaining of exhaustion, but he is being released on Wednesday. He was suffering from dehydration.

“The Governor is now feeling better. He remained in hospital overnight for observation and will be released to go home today,” according to a spokesman at the Bank.

Fischer, 69, will leave his post in mid-term on Sunday to return to the United States. He will be succeeded by Prof. Yaakov Frenkel, who held the post for nine years until 2000.

Prof. Yaakov Frankel to Return as Head of Bank of Israel

Sunday, June 23rd, 2013

Prof. Yaakov Frenkel, who headed the Bank of Israel from 1991-2000, will return to his old job and replace outgoing Bank Governor Stanley Fischer, who is going back the United States with his social and political agendas he tried to impose on Israel.

Prime Minister Binyamin Netanyahu and Finance Minister Yair Lapid’s decision to put Frenkel at the helm of the Bank is conditional on the approval of a committee headed by retired Supreme Court Justice Yaakov Turkel. No opposition is expected.

Frenkel won the Israel Prize in economics in 2002 and has been chairman of JP Morgan since 2009. Netanyahu had wanted to give the job to Harvard Prof. Elhanan Helpman, an Israeli, but he refused, as he did seven years ago when the Prime Minister brought Fischer overseas.

“Frenkel brought the American mentality of managing monetary policy to the Bank, which in we estimate also eventually brought the search for a foreign Bank governor like Fischer,” Alpha Platinum Mutual told the Globes  business newspaper.

Frenkel stood his ground against populist opinion when he headed the bank 15 years ago.

Fischer has been widely praised for his management, but he also has proven to be an opportunist, taking the job as Governor with a lot of fanfare by making aliyah, only to turn his back and go back to the United States in before the middle of his second term of office. He reportedly would like to replace Ben Bernanke as head of the Federal Reserve Bank even though his age virtually puts him out of the running.

After Fischer was firmly in the saddle at the Bank, he often used the economy as an excuse to advertise thinly disguised support for a Palestinian Authority state based on all or most of its territorial demands.

He also frequently criticized the Haredi community for not participating more in the job market.

More than a few critics have warned that Fischer is leaving behind him a troubled housing market and that he did not take enough action to bring down the price of housing.

Netanyahu Wants Harvard Prof. Helpman as New Head of Bank

Thursday, June 20th, 2013

Prime Minister Binyamin Netanyahu is trying to recruit Harvard Prof. Elkhanan Helpman, who previously moved to Israel form the Soviet Union, to replace Stanley Fischer as head of the Bank of Israel.

Helpman also was the Prime Minister’s first choice to head the Bank seven years ago, but after Helpman’s refusal, Fischer was imported from the United States. For his efforts, Fischer, had to take out Israeli citizenship to qualify for the post, but after seven years, he wants to return to the United States.

Helpman already has told Prime Minister Netanyahu he still is not interested in the job, but Globes reported that the Prime Minister is hoping a personal appeal based on Zionism will convince the professor to change his mind.

Helpman is considered to be on the world’s 25 most respected macro-economists. He also is thought to be a candidate for the Nobel Prize, a goal that could be blocked if the Israeli economy were not to show economic growth if he were in charge of the Bank of Israel.

World Financial Honchos to Attend $30,000 Bye-Bye Bash to Fischer

Friday, May 31st, 2013

Former U.S. Secretary of the Treasury Larry Summers will join several other world financial leaders on June 18 for a $30,000 farewell party for Bank of Israel Governor Stanley Fischer, the Globes business newspaper reported Thursday.

Fischer is leaving in the middle of his second term of office after having made aliyah to take the post as Bank Governor in 2005.

European Central Bank President Mario Draghi, Central Bank of Ireland Governor Patrick Honohan, Central Bank of Chile Governor Rodrigo Vergara, JPMorgan Chase International chairman and former Bank of Israel governor, Jacob Frankel and world monetary expert reportedly will be among those at the party.

Fischer began his term as Israel was riding a wave of strong economic growth and unprecedented stability and low inflation.

He is leaving behind a fractured economy and a housing shortage that has angered Israelis.

Dizzy Dollar Dumps the Shekel

Wednesday, May 22nd, 2013

The shekel-dollar rate has soared 4 percent in the past two weeks, with the latest jump today (Wednesday) prompted by expectations that the Bank of Israel will lower the interest rate again in June.

The rate crossed the level of 3.69 shekels to the dollar on Wednesday after having dropped under 3.55 shekels to the dollar earlier this month.

After Bank of Israel Governor Stanley Fischer announced a plan for a $2 billion buying binge to purchase dollars, the rate jumped towards 3.60 and then moved up again when he sprung a surprise mid-month quarter of a percent cut in the interest rate. The Bank almost always decides at the end of the nth on the interest rate for the following month.

A lower rate makes the shekel less attractive to investors and helps exporters, whose revenue Finance Ministry dollars will be worth more shekels after conversion.

Expectations of another cut to be announced next week caused speculators and investors to dump shekels Wednesday. Analysts are divided on whether the new upward trend of the shekel-dollar rate will continue or if the shekel will regain strength, partly due to plans to export natural gas from offshore discoveries.

Printed from: http://www.jewishpress.com/news/breaking-news/dizzy-dollar-dumps-the-shekel/2013/05/22/

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