The Bank of Israel and its functions

Who is the head of the Bank of Israel?

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Good to know! The Governor.

The Hebrew word for “Governor” – “Nagid” – comes from the book of I Chronicles (26:24), which mentions a person named Shvu’el son of Gershom son of Moses, who was “Governor of the Treasury”, meaning the person appointed over the Treasury. This term is therefore appropriate for the current position of Bank of Israel Governor.
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The Bank of Israel is also called

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Good to know! The Bank of Israel, which is the country’s bank, is also called the central bank, which is common in many other countries as well.
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Who is permitted to issue money in the State of Israel?

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Good to know! The law that regulates the Bank of Israel’s operation (the Bank of Israel Law, 5770–2010) sets out that the Bank is the only entity that is authorized to issue money in the State of Israel, and that no other person shall issue or distribute banknotes, coins, or any alternative currency.
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What is included among the Bank of Israel’s functions and objectives?

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Good to know! The Bank of Israel Law sets out a variety of objectives and functions for the central bank. In addition to those listed above, the Bank of Israel supports economic growth, employment, and reducing social gaps, supervises the banking system, maintains and manages the State’s foreign exchange reserves, and more.
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Which of the following is one of the Bank of Israel’s functions?

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Good to know! Legislation is the purview of the Knesset. Taxes and the State Budget are the responsibility of the government and the Ministry of Finance, which is a government ministry.
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Who was the first Governor of the Bank of Israel?

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Good to know! David Horowitz served as Bank of Israel Governor for 17 years, more than any other Governor. The Bank of Israel Law currently sets out a maximum term of 10 years for the position of Governor.
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Who appoints the Governor?

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Good to know! The appointment of the Governor is pursuant to the Bank of Israel Law, 5770–2010.
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What is the Bank of Israel’s status?

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Good to know! The Bank of Israel is not a private entity. It does not operate based on business considerations, and it is not part of the government. Its independent status is essential to the optimal professional fulfillment of its functions.
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What is the Bank of Israel’s primary objective (as set out in the Bank of Israel Law)?

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Good to know! The Bank of Israel has a variety of objectives and functions, which are set out in the Bank of Israel Law. The Law also states what the primary objective is – to maintain price stability, meaning that inflation should not be higher than the inflation target that is set by the government in consultation with the Governor.
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How long is the Governor’s term?

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Good to know! The Bank of Israel Law was revised in 2010. The revised law sets a limit on the Governor’s term of office. In the previous law, which was enacted in 1954, there was no limitation on how long a governor could serve.
10/10

Well done!!

You answered correctly out of 10

You have ended the Trivia

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This page was last updated on: 17/04/2023