Governor of Israel Bank Amir Yaron to Netanyahu: Concern in the world from the legal reform

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by Ifi Reporter Category:Real Estate Jan 24, 2023

The governor of the Bank of Israel, Prof. Amir Yaron, expressed great concern to Prime Minister Benjamin Netanyahu this evening (Tuesday) after returning from the International Monetary Fund conference in Davos.

The Governor told the Prime Minister that the economic world is following with great concern the developments in Israel, including the legal reform, which may harm various aspects of democracy. The governor joined the warnings against harming the credit rating and keeping international companies away from investing in Israel.
In the official announcement published after the meeting held in the Prime Minister's office in the Knesset, it was stated that "the Governor reflected to the Prime Minister various issues that arose in the Israeli context in the discussions held with the senior officials of the global economy and with the senior officials of the rating companies in recent weeks."
the locals as well as from an international perspective, and in addition he submitted to Prime Minister Netanyahu a plan for an economic strategy formulated at the Bank of Israel, which includes policy recommendations in a variety of areas, and discussed with him various issues in preparation for the upcoming Settlements Law.
At the meeting, the Governor explained that the world is following Israel's economy precisely because of the resilience and fortitude that Israel showed during the Corona crisis, and because of the quick exit from the crisis that brought the Israeli economy to many achievements: in the areas of high growth, low unemployment and inflation, which is much lower than in most countries of the world.
It should be noted that the Bank of Israel has recently expressed concern about the issue, but not so decisively. This week the member of the Monetary Committee of the Bank of Israel, Prof. Moshe Hazan, announced his resignation from his position as a member of the public on the committee, due to his intention "to be involved in activities on the public-political level". Prof. Karnit Flug and Prof. Yaakov Frankel, former governors of the Bank of Israel, also warned against the legal reform on the grounds that it could harm the credit rating, similar to other countries that have undergone similar reforms.
Also, a meeting was held tonight between Prime Minister Netanyahu and Finance Minister Bezalel Smotrich, where the principles of the state budget for the years 2023-2024 were agreed upon. The budget will amount to about half a trillion shekels and will include an adjustment law with 40 reforms in various fields, mainly in infrastructure, real estate, transportation, banking and taxes. The Prime Minister and the Minister of Finance agreed on the hedging of the coalition agreements and the intention to maintain a responsible and restrained budgetary policy, and on its adaptation to the interest rate policy The highest rate introduced by the Bank of Israel for the preservation and stabilization of Israel's economy for the next four years.
Prime Minister Netanyahu and Minister of Finance Smotrich said: "Very soon we will bring to the citizens of Israel a budget and a law on responsible arrangements, oriented towards growth and infrastructure, which will reach all levels of the population, help in the fight against the cost of living and move the Israeli economy and the State of Israel forward. In the face of the intimidation of the opposition and its irresponsible actions that harm the economic strength of the State of Israel, the coalition is cohesive and responsible and will work together for the sake of the citizens of Israel. The strength of the State of Israel is also measured by the strength of its strong economy and we will make sure, with God's help, that it remains so."

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