Governor of the Bank of Israel Prof. Amir Yaron participated last week in a meeting of governors from central banks around the world, who are members of the Bank for International Settlements (BIS*). The meeting was conducted virtually by the BIS.


Pursuant to the appointment in November of Governor Yaron as Chair of the Small Open Economies group,[1] the Governor led a discussion on the topic of inflation developments and the response by monetary policy.


The Governor also took part in another Governors’ discussion on the topic of the impact of the COVID-19 pandemic and economic policy on home prices.


In addition, the Governor participated in a session at a broad forum Governors’ panel, which dealt with the preparations being made by central banks for dealing with cyber risks, and referred to the issue both in regard to the central bank and in terms of the central bank’s relations with the other entities dealing with protecting the financial system from cyber risks.


* Background:

The BIS (Bank for International Settlements) is the bank regulating international financial settlements.  It is the oldest international financial organization.  Its role is to promote cooperation between central banks, of which 63 are currently members.  The BIS’s activities include the development of international banking supervision standards and criteria (the “Basel” regulations), monitoring the stability of the international financial system, providing banking services to central banks, and assisting various financial institutions in performing their functions.  The Bank of Israel joined the BIS as a full member in September 2003, after obtaining the government’s approval.