Response to the State Comptroller's report on the management of the foreign exchange reserves
Response by the Bank of Israel to the State Comptroller's report published today.
The Governor and management of the Bank of Israel are proud of the way the foreign exchange reserves have been managed in recent years. In terms of results, the Bank's activity in this area has proven itself, to the benefit of Israel, its economy and its citizens, by supporting growth, employment, and exports—which maintained the competitiveness of Israel's economy and contributed markedly to the success of the economy in dealing with the global financial crisis.
The State Comptroller's report notes certain aspects that require improvement. Some of those issues were corrected during the audit process. The others are being dealt with as part of the implementation of the new Bank of Israel Law.
We are appreciative of the State Comptroller and the fundamental work he carried out, in which he emphasized clearly the professional manner in which the foreign exchange reserves are managed.
The Bank of Israel will continue to carry out its work diligently, as it has done until now, on the basis of the new Bank of Israel Law.