Representing Israel in the International Financial Institutions
The Functions of the Bank of Israel: Representing Israel in the International Financial Institutions
According to the law the Bank of Israel represents the State of Israel in:
- The International Monetary Fund (IMF);
- The Bank for International Settlements (BIS).
The Organization for Economic Cooperation and Development (OECD)--in May 2010 the OECD accepted the State of Israel as a full member of the organization., The Bank of Israel has regular relations with the Organization, participates in its various committees, and has played an important role in the accession process.
The Information and International Relations Division of the Bank of Israel maintains regular relations with these international financial institutions in various domains: participation in discussions and exchanges of views, voting, hosting of professional delegations, placement of Israeli experts in professional delegations to other countries, providing the institutions with data for their publications, obtaining information from these institutions and circulating it among interested parties in Israel, etc. Israel's active involvement in international financial institutions, via the Bank of Israel, helps to strengthen relations with economic policymakers abroad and reinforce ties between the Israeli economy and other economies.
As a member of the IMF, Israel is visited once a year by a group of IMF economists who compose a comprehensive report on the domestic economy. The report is discussed by the Fund's Executive Board.
The purview of the Information and International Relations Division also includes responsibility for the Bank of Israel Visitors Center, the Internet Unit, publishing, and the Bank's library.