578:
Klein's tenure, tensions rose in the field of labor relations. There was also conflict between the Bank of Israel and the
Treasury regarding the salary agreements practiced in the Bank of Israel peaked. The background to the dispute was the Basic Budget Law, enacted with the stabilization plan in 1985, which stipulated that public bodiesโincluding the bankโwould be subject to this law. The Treasury alleged that the salary agreements in the Bank of Israel deviated from the norm in public service. In 2005, Stanley Fischer was appointed as the eighth governor. Fischer declared his intention to introduce a new law for the Bank of Israel to replace the 1954 law, regulating labor relations with the Treasury concerning salary agreements in the bank, and implementing structural reform in the bank. With the onset of the economic crisis in 2008, Fischer pursued a successful and internationally recognized policy: he adjusted interest rates rapidly (the first in the world to lower and raise interest rates), acquired foreign currency reserves, and purchased government bonds to reduce interest rates for long periods. In 2008, organizational changes were made in the bank, including the closure of the Foreign Exchange Operations Department (which formed the basis for the Information and Statistics Division), the Monetary Department (part of which was merged with the Foreign Exchange Department to create the Markets Division, and another part with the Research Department to create the Research Division), and the State Loans Administration. The bank's departments were reorganized into divisions.
558:. A significant amendment to the Bank of Israel Law was implemented, prohibiting the government from borrowing money from the bank to cover budget deficits, and the shekel was replaced with a new shekel by removing three zeros. The stabilization plan took into account components of a comprehensive rehabilitation plan, and its essence included: significant cuts in the government budget (mainly through noticeable reductions in subsidies and other government expenditures); a decrease in real wages (aimed at reducing local demand, increasing export competitiveness, and preventing severe unemployment growth); high interest rates and stabilization of the exchange rate at the new level for as long as possible; and freezing prices administratively for a limited period. As a result of the plan's implementation, which received full support from the government, inflation dropped to single digits (the amendment to the law greatly assisted in this), and the bank's position was significantly strengthened.
447:, in order to avoid political influences on decisions and the handing out of debt to different sectors. It was advised the bank would be managed by committee members representing the various sectors in the Israeli public. The monetary committee of the Knesset preferred that the bank be run by the governor alone who would be under governmental supervision, that way the bank could prove an effective way to guide the financial markets of the country. In the end it was decided to grant the central bank limited independence, but according to the law it was obligated to cover government expenditure when needed. In 2010, the law was changed and since the Bank of Israel has full independence in setting its monetary policy.
479:, lacking the tools to oversee the complex banking system, which included dozens of banking institutions and cooperative credit societies scattered geographically throughout Israel. Through the establishment of a central bank, the government hoped to improve its control over the banking system and credit allocation. After the establishment of the Bank of Israel, the banking system underwent a process of consolidation, during which cooperative societies were merged into larger banks. This trend was encouraged by both the Bank of Israel and the government, as it facilitated government and bank control over credit allocation.
562:
as a supervisor of the banks. In 1978, supervision of foreign currency was transferred from the
Ministry of Finance to the Bank of Israel. Subsequently, following a prolonged process of liberalization in the foreign currency market, supervision of foreign currency was finally abolished in 2003. The Department for Supervision of Foreign Currency became the "Department of Market Operations in Foreign Currency," which dealt with monitoring and researching the economy's activity against foreign countries and the foreign exchange market.
1610:
705:
157:
306:
1662:
1740:
1992:
36:
229:
2004:
589:
the Bank of Israel. Decisions regarding the interest rate and monetary policy, in general, are made by a
Monetary Committee, while the managerial decisions are approved by a Supervisory Council. This brings the Bank of Israel more in line with the decision making procedures of other financial institutions.
588:
In March 2010, the
Knesset approved a new Bank of Israel Law which took effect on 1 June 2010. The new law defines the goals of the bank and gives the bank independence in determining its policy tools and the way of implementing them. The law changed the framework in which major decisions are made at
561:
In 1986, Prof. Michael Bruno, one of the architects of the stabilization plan, was appointed governor of the bank. Further strengthening of the position of the Bank of Israel occurred after the publication of the findings of the Basle
Committee in 1986 and the expansion of the Bank of Israel's powers
577:
David Klein was appointed as the seventh governor in 2000 and continued the path of preceding governors: implemented monetary reforms, managed a tough monetary policy, initiated efforts to transfer authority over salary agreements to the
Treasury, and liberalized the foreign currency market. During
482:
The establishment of the bank raised hopes for reducing government intervention in the economy and decreasing concentration, although in practice, the result was the opposite โ increased government involvement. Some anticipated this development and sought to postpone the establishment of the Bank of
474:
One of the factors that led to the accelerated decision to establish a central bank was the government's difficulty in supervising credit allocation and the lack of oversight over the banking system. Until the establishment of the bank, the bank supervision department was a small division within the
454:
passed the Bank of Israel Law, which ceded the currency issuing and regulatory functions of the
Ministry of Finance to the newly formed bank. Control over foreign currency exchange was not given to the bank until 1978. The bank was made completely independent in 1985 and since 1992, the bank manages
502:
In 1966, the economy experienced a severe recession, and the Bank of Israel was forced to adapt its policy to such a situation for the first time. Among other things, three private banks collapsed: Bank Alran, Bank Poalei Agudat Israel, and Bank Credit, and the Bank intervened for the first time to
471:, which also became a department in the bank. Over time, additional units and departments were established in the bank, including the monetary department, the foreign currency supervision department (transferred to the bank in 1978), the foreign currency department, and the research department.
553:
was established to tackle the rampant inflation. In 1985, a comprehensive new plan was adopted - the
Economic Stabilization Plan, prepared by treasury officials with the assistance of prominent economists from academia, led by Prof. Michael Bruno, accompanied by renowned economists from abroad
494:
served as the bank's governor for 17 years. His tenure as governor was characterized in its early years by relative economic stability, rapid growth, and the absence of significant inflation until the early 1960s. In 1962, due to rising living standards and consumption leading to the danger of
541:
was appointed governor. As governor he had to deal with the severe economic situation that the economy had fallen into due to rampant inflation. Simultaneously, he and the heads of the bank found themselves in one of the toughest economic crises in the history of the
546:- the 1983 bank stocks crisis. In the early eighties,Inflation spiraled out of control, reaching peaks unprecedented in the country's history, and price hikes were a routine matter. In 1984, inflation peaked at 450%.
499:, from 1.80 pounds to the dollar to 3 pounds to the dollar, a devaluation that did not solve the exposed problems. Following the devaluation and budget difficulties, the treasury shifted to an austere fiscal policy.
615:
and his son, Eldar Sharon. They won the first prize for the project in 1966 and worked at the design until 1974. The building was inaugurated in 1981. The design resembles an inverted pyramid and was inspired by the
459:
target set by the
Israeli government - which is today a range of between 1 and 3 percent per annum, considered as price stability. Additionally, the bank manages the country's Foreign Exchange Reserves.
1911:
510:
replaced
Horowitz was as governor of the central bank. The Bank of Israel faced unprecedented situations, such as rampant inflation (14% in 1972) and increased public spending following the
1646:
495:
inflationary pressures (annual inflation reached 9%), wage increases, and a deficit in the balance of payments, a significant devaluation of the pound occurred in 1962 by Finance Minister
518:
and the ensuing energy crisis exacerbated economic problems, inflation, deficits in the balance of payments, and the pace of devaluations. In July 1974, the Bank of Israel intervened in
603:
was appointed as the governor of the bank. During his tenure, the Bank of Israel provided approval for the establishment of two new banks in Israel: Bank One Zero and Bank Ash Israel.
1906:
467:. The department responsible for issuing banknotes was transferred to the Bank of Israel, which later became the currency department, and the unit for supervising banks from the
440:
for expert advisors. The committee established the aim for the bank to be the stabilization of the currency, the keeping of high levels of production, employment and earnings.
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582:
596:
was appointed as the governor of the bank. She continued her predecessors' policies both in deepening monetary control and in integrating Israel into the global economy.
1959:
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1969:
1954:
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2017:
424:
is considered a must in modern countries, in March 1951, a committee was founded called the "committee to establish a state bank". In the committee were
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in 1950. This was done due to the urgency at the time to produce notes. Monetary policy and banking supervision remained controlled by the
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119:
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968:"Billion dollar madness: examining the paradox of financial satire through the 1980s economic crisis in Israeli comedy films"
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After the 1985 Economic Stabilization Plan, the bank's position was strengthened, mainly due to the amendment to the
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1982:
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1022:
https://academic.oup.com/economicpolicy/article-abstract/1/2/379/2392238?redirectedFrom=fulltext&login=false
376:
in Israel, conducts foreign exchange operations, supervises and regulates the banking system, takes care of the
86:
2066:
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1439:
1248:
819:
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In 2010, the Bank of Israel was ranked first among central banks for its efficient functioning, according to
1710:
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68:
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569:, which prohibited the government from borrowing money from the bank to cover budget deficits.
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and dismissed its management after criminal irregularities were found in the bank's management.
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266:
244:
384:. The Bank of Israel has, under Article 41 and 44 of its Statute, the exclusive right to issue
1574:
1524:
1499:
1302:
1265:
1086:"Ash Israel, the new digital bank by Nir Zook, has received a license from the Bank of Israel"
1035:
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The foreign experts advised to grant the bank of Israel a standing independent from the
2008:
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1479:
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515:
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425:
2050:
1996:
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protect depositors using its authority under Section 44 of the Bank of Israel Law.
433:
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1342:
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635:
612:
507:
421:
342:
156:
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305:
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The current headquarters in Jerusalem was designed by the architecture office of
1722:
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641:
620:. The building underwent a major overhaul and renovation between 2015 and 2018.
593:
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2019:
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1148:
The Israeli Central Bank: Political Economy, Global Logics and Local Actors
1104:
2003:
358:
249:
451:
372:
and the financial system in Israel. It also administers and implements
1661:
543:
463:
The bank began operating under the management of its first governor,
346:
314:
234:
175:
776:"Israel Adds Yuan to $ 206 Billion Reserves in 'Philosophy' Change"
1168:
1062:'Israel's economy most durable in face of crises', Ynet 05.20.2010
754:
436:
to study the way state banks function as well as advised ask the
1749:
1753:
1628:
1315:
1172:
29:
820:'Karnit Flug named Bank of Israel governor', OCTOBER 20, 2013
686:, acting governor from 14 November until December 24, 2018.
450:
The Bank of Israel was founded on 24 August 1954, when the
368:
The primary objective of the Bank of Israel is to maintain
1912:
International Centre for Settlement of Investment Disputes
1162:
297:
1007:
https://www.imf.org/external/pubs/ft/wp/2000/wp00178.pdf
405:
in 1948, the power of note issuance was vested with the
1119:"Nadine Baudot-Trajtenberg becomes acting BoI Governor"
832:"ืชืืืื ืืคืขืืืืชื ืืกืืืจื ืืืืฆืืืืชื ืฉื ืืฉืืืงืื ืืคืื ื ืกืืื"
1980:
1907:
International Bank for Reconstruction and Development
432:
and others. The committee sent its secretary to the
1937:
1885:
1844:
1813:
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1583:
1427:
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1350:
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181:
163:
60:. Unsourced material may be challenged and removed.
755:"The Organisation and Structure of Central Banks"
533:1980s, crisis, introduction of New Israeli Shekel
1960:Central banks and currencies of the Caribbean
1765:
1640:
1327:
1184:
8:
1970:Central banks and currencies of the Americas
1955:Central banks and currencies of Asia-Pacific
803:"Bank of Israel hikes interest rate to 4.5%"
132:
1107:homepage (in Hebrew). Accessed 10 Jan 2022.
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1758:
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1073:Israel Ministry of Foreign Affairs Website
155:
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983:
923:"ืืืืงืช ืืชืจืืช ืืืืข ืืืืฅ ืฉื ืืืืื ื ืื ืืืืื"
120:Learn how and when to remove this message
1927:Multilateral Investment Guarantee Agency
945:"ืื ืคืงืช ืืืืข, ืืืกืืจืช ืืขืจืืช ืืืืืื ืื ืืืฉืง"
762:Katalog der Deutschen Nationalbibliothek
349:. The bank's headquarters is located in
304:
1987:
745:
1965:Central banks and currencies of Europe
1950:Central banks and currencies of Africa
1800:Basel Committee on Banking Supervision
1145:Daniel Maman and Zeev Rosenhek. 2011.
1044:
1033:
455:its monetary policy so as to meet the
1917:International Development Association
7:
583:IMD's World Competitiveness Yearbook
58:adding citations to reliable sources
338:
330:
2092:Buildings and structures in Israel
1795:Bank for International Settlements
1276:First International Bank of Israel
25:
1922:International Finance Corporation
483:Israel, but were unsuccessful.
2002:
1990:
1738:
1660:
1609:
1608:
703:
227:
162:
34:
2057:Governors of the Bank of Israel
1373:Bank of the Republic (Colombia)
901:"ืคืืงืื ืืืกืืจื ืฉื ืืขืจืืช ืืื ืงืืืช"
382:financial market infrastructure
309:Bank of Israel headquarters in
45:needs additional citations for
1826:Contractionary monetary policy
1:
2077:1954 establishments in Israel
1520:Oesterreichische Nationalbank
1117:Barkat, Amiram (2018-11-14).
985:10.1080/13531042.2022.2136563
801:Katz, Aharon (3 April 2023).
529:took office as governor.
397:Establishment and Early Years
1831:Expansionary monetary policy
1383:Central Reserve Bank of Peru
1897:International Monetary Fund
1596:Reserve Bank of New Zealand
1414:Bangko Sentral ng Pilipinas
854:"ืืืง ืื ืง ืืฉืจืื, ืืชืฉ"ืข-2010"
2108:
1505:Central Bank of Luxembourg
972:Journal of Israeli History
879:"ื ืืืื ืืืืื ืืืช ืืืื ืืืจืืช"
361:. The current governor is
2082:Banks established in 1954
1805:Financial Stability Board
1736:
1670:
1604:
1591:Reserve Bank of Australia
1530:National Bank of Slovakia
1363:Central Bank of Argentina
1299:
966:Rosen, Ido (2022-01-02).
684:Nadine Baudot-Trajtenberg
551:National Unity Government
409:, which was refounded as
269:664 billion) (March 2022)
223:Central bank of
154:
135:
1570:National Bank of Romania
1440:National Bank of Belgium
1249:Mercantile Discount Bank
357:with a branch office in
185:24 August 1954
1565:National Bank of Poland
1560:Hungarian National Bank
1545:Bulgarian National Bank
1485:Central Bank of Ireland
729:List of banks in Israel
1450:Central Bank of Cyprus
1445:Croatian National Bank
1419:Central Bank of Turkey
380:and operations of the
318:
27:Central bank of Israel
2033:31.78139ยฐN 35.20111ยฐE
1945:List of central banks
1877:Sovereign wealth fund
1872:Open market operation
1555:Danmarks Nationalbank
1515:De Nederlandsche Bank
1510:Central Bank of Malta
1435:European Central Bank
1084:Hezni, Golan (2022).
753:Weidner, Jan (2017).
734:List of central banks
388:banknotes and coins.
308:
1291:Union Bank of Israel
1271:Bank Mizrahi-Tefahot
1245:Israel Discount Bank
407:Anglo-Palestine Bank
288:Bank Leumi Le-Israel
201:Government of Israel
54:improve this article
2029: /
1821:Capital requirement
1550:Czech National Bank
1455:Deutsche Bundesbank
1285:Bank Otsar Ha-Hayal
1105:'Sharon Architects'
599:In 2018, Professor
520:Israel-British Bank
487:The 1960s and 1970s
477:Ministry of Finance
469:Ministry of Finance
445:ministry of finance
415:Ministry of Finance
401:When Israel gained
370:stability in prices
205:Ministry of Finance
151:
2038:31.78139; 35.20111
567:Bank of Israel Law
537:In the year 1982,
319:
245:Israeli new shekel
2087:Finance in Israel
2072:Economy of Israel
1978:
1977:
1747:
1746:
1622:
1621:
1575:Sveriges Riksbank
1525:Banco de Portugal
1500:Bank of Lithuania
1309:
1308:
1303:Banking in Israel
1266:Bank of Jerusalem
1043:Missing or empty
724:Economy of Israel
719:Banking in Israel
351:Kiryat HaMemshala
303:
302:
279:4.5% (April 2023)
168:Kiryat HaMemshala
150:
143:
130:
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104:
16:(Redirected from
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2044:
2043:
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2006:
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1986:
1902:World Bank Group
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1705:Jacob A. Frenkel
1693:Moshe Mendelbaum
1665:
1664:
1655:Governor of the
1649:
1642:
1635:
1626:
1612:
1611:
1535:Bank of Slovenia
1475:Banque de France
1336:
1329:
1322:
1313:
1239:Arab Israel Bank
1193:
1186:
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1165:
1163:Official website
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1019:academic.oup.com
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660:Jacob A. Frenkel
648:Moshe Mendelbaum
618:Boston City Hall
554:including Prof.
539:Moshe Mendelbaum
378:foreign reserves
340:
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69:"Bank of Israel"
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38:
30:
21:
18:Moshe Mendelbaum
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1852:Capital control
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1717:Stanley Fischer
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1465:Bank of England
1460:Bank of Estonia
1423:
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1358:Federal Reserve
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807:en.globes.co.il
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782:. 20 April 2022
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672:Stanley Fischer
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594:Dr. Karnit Flug
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556:Stanley Fischer
544:State of Israel
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374:monetary policy
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1845:Implementation
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1675:David Horowitz
1671:
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1657:Bank of Israel
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1495:Bank of Latvia
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1480:Bank of Greece
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1401:
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1378:Bank of Mexico
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1368:Bank of Canada
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1156:External links
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694:
693:
692:, 2018โpresent
687:
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651:
645:
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630:David Horowitz
625:
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531:
516:Yom Kippur War
492:David Horowitz
488:
485:
465:David Horowitz
426:Eliezer Kaplan
398:
395:
393:
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386:Israeli Shekel
323:Bank of Israel
301:
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281:
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258:
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218:(2018-present)
213:
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133:Bank of Israel
128:
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6:
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2088:
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2075:
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2062:Central banks
2060:
2058:
2055:
2054:
2052:
2045:
2042:
2010:
2005:
2000:
1998:
1988:
1984:
1971:
1968:
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1963:
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1956:
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1943:
1942:
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1936:
1928:
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1910:
1908:
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1903:
1900:
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1894:
1892:
1890:
1887:Bretton Woods
1884:
1878:
1875:
1873:
1870:
1868:
1865:
1863:
1860:
1858:
1857:Discount rate
1855:
1853:
1850:
1849:
1847:
1843:
1837:
1836:Basel Accords
1834:
1832:
1829:
1827:
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1806:
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1781:Central banks
1775:
1770:
1768:
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1756:
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1730:
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1721:
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1700:
1699:Michael Bruno
1697:
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1614:Central banks
1607:
1606:
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1540:Bank of Spain
1538:
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1490:Bank of Italy
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1409:Bank of Korea
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1399:Bank of Japan
1397:
1396:
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1374:
1371:
1369:
1366:
1364:
1361:
1359:
1356:
1355:
1353:
1349:
1344:
1343:Central Banks
1337:
1332:
1330:
1325:
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1314:
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1230:Bank Hapoalim
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978:(1): 91โ111.
977:
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816:
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797:
794:
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780:Bloomberg.com
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685:
682:
679:
676:
673:
670:
667:
664:
661:
658:
655:
654:Michael Bruno
652:
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643:
640:
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627:
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545:
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523:
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486:
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472:
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466:
461:
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453:
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441:
439:
435:
434:United States
431:
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391:
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121:
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88:
85:
81:
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74:
71: โ
70:
66:
65:Find sources:
59:
55:
49:
48:
43:This article
41:
37:
32:
31:
19:
2014:
1681:Moshe Sanbar
1656:
1403:
1345:of the World
1213:
1207:Central bank
1159:
1151:, Routledge.
1146:
1126:. Retrieved
1122:
1112:
1100:
1089:
1079:
1068:
1057:
1045:|title=
1025:. Retrieved
1018:
1013:
1002:
975:
971:
961:
949:. Retrieved
939:
927:. Retrieved
917:
905:. Retrieved
895:
883:. Retrieved
873:
861:. Retrieved
848:
836:. Retrieved
826:
815:
806:
796:
784:. Retrieved
779:
770:
761:
748:
711:Banks portal
636:Moshe Sanbar
613:Arieh Sharon
610:
598:
591:
587:
580:
576:
573:21st century
564:
560:
548:
536:
524:
508:Moshe Zanbar
505:
501:
490:
481:
473:
462:
449:
442:
422:central bank
419:
403:independence
400:
367:
343:central bank
322:
320:
164:Headquarters
145:ุจูู ุฅุณุฑุงุฆูู
116:
107:
97:
90:
83:
76:
64:
52:Please help
47:verification
44:
2036: /
1723:Karnit Flug
1711:David Klein
1707:(1991โ2000)
1687:Arnon Gafni
1280:Bank Massad
1259:Other banks
1223:Major banks
951:27 November
947:(in Hebrew)
929:27 November
925:(in Hebrew)
907:27 November
903:(in Hebrew)
885:27 November
881:(in Hebrew)
863:27 November
859:(in Hebrew)
838:27 November
834:(in Hebrew)
680:, 2013โ2018
678:Karnit Flug
674:, 2005โ2013
668:, 2000โ2005
666:David Klein
662:, 1991โ2000
656:, 1986โ1991
650:, 1982โ1986
644:, 1976โ1981
642:Arnon Gafni
638:, 1971โ1976
632:, 1954โ1971
549:In 1984, a
527:Arnon Gafni
512:Six-Day War
497:Levi Eshkol
430:Levi Eshkol
339:ุจูู ุฅุณุฑุงุฆูู
284:Preceded by
263:206 billion
182:Established
2051:Categories
2024:35ยฐ12โฒ04โณE
2021:31ยฐ46โฒ53โณN
1729:Amir Yaron
1301:See also:
1235:Bank Leumi
1128:2018-11-14
1027:2024-03-19
740:References
690:Amir Yaron
601:Amir Yaron
411:Bank Leumi
363:Amir Yaron
298:boi.org.il
248:ILS (
216:Amir Yaron
189:1954-08-24
80:newspapers
1725:(2013โ18)
1719:(2004โ13)
1713:(2000โ04)
1701:(1986โ91)
1695:(1982โ86)
1689:(1976โ81)
1683:(1971โ76)
1677:(1954โ71)
1091:Calcalist
994:1353-1042
624:Governors
607:Buildings
592:In 2013,
525:In 1976,
506:In 1971,
457:inflation
355:Jerusalem
341:) is the
331:ืื ืง ืืฉืจืื
311:Jerusalem
275:Bank rate
197:Ownership
172:Jerusalem
136:ืื ืง ืืฉืจืื
110:July 2024
1814:Policies
1351:Americas
1036:cite web
786:21 April
697:See also
420:Since a
359:Tel Aviv
257:Reserves
250:ISO 4217
241:Currency
212:Governor
148:(Arabic)
141:(Hebrew)
138:
2009:Economy
1983:Portals
1731:(2018โ)
1584:Oceania
452:Knesset
392:History
294:Website
265:(about
187: (
94:scholar
1997:Israel
1889:system
1788:Global
1428:Europe
1123:Globes
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514:. The
347:Israel
335:Arabic
327:Hebrew
315:Israel
235:Israel
232:
176:Israel
96:
89:
82:
75:
67:
1938:Lists
857:(PDF)
758:(PDF)
101:JSTOR
87:books
1392:Asia
1049:help
990:ISSN
953:2018
931:2018
909:2018
887:2018
865:2018
840:2018
788:2022
321:The
261:US$
73:news
980:doi
353:in
345:of
56:by
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267:โช
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98:ยท
91:ยท
84:ยท
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