“The launch of the Arabic language website is another step in advancing and strengthening the Bank of Israel’s direct channel of communication with the Arab community in Israel, which is a significant part of the Israeli economy.  I hope that many from the Arab community will make use of the site in order to broaden economic knowledge—which will contribute to increased integration of the Arab community in all parts of the Israeli economy—and to get better acquainted with the many tools for informed financial consumerism that the Bank of Israel provides to the public.”


Bank of Israel Governor Dr. Karnit Flug visited Baka al-Gharbiya today, and participated in the Al-Qasemi Academic College of Education’s annual conference.  Bank of Israel Director General Mr. Hezi Kalo and other members of the Bank of Israel’s management also participated in the visit, during which the Governor launched the Bank of Israel’s new Arabic language website (link).  The Arabic website is parallel in structure to the Hebrew website, and includes a large amount of information regarding the Israeli economy, the Bank’s activity and policy, statistical information, economic surveys and analyses, information on Israeli banknotes and coins, and more.


In addition, the site contains a large amount of information and tools in the area of banking consumerism: information on opening a bank account and customers’ rights; how to compare various fees; how to properly plan a budget; using the banking ID; how to avoid receiving checks without cover; how to identify counterfeit banknotes; information for customers with restricted accounts; the characteristics of the various types of payment cards; locating inactive accounts; electronic check settlement; and essential tools and calculators for the use of consumers, such as a fee track calculator that makes it possible to compare the monthly costs that can be expected on each track, a calculator to translate the effective interest rate into the nominal interest rate, representative exchange rates, and more.


As part of the tour, the Governor visited the AlSandiana school in Givat Haviva, and discussed the functions of the Bank of Israel with the students and staff.  Dr. Ilan Steiner, Head of the Currency Department at the Bank of Israel, showed the students how to use the security features in the new series of banknotes. Also participate in the visit, Mr. Iman Saif, Authority for the Economic Development of the Arab, Druze and Circassian Sector.  The Governor was impressed by the high level of proficiency the students showed on various economic matters.  The Governor also visited the Baka al-Gharbiya municipality and met with Mayor Mursi Abu-Moch, senior municipal officials, and the heads of the Kafr Kara and Jatt local councils.  They discussed a variety of issues concerning the socioeconomic situation of the Arab localities in Israel, the challenges they face and the way they must deal with them in order to develop and become more prosperous.  The Governor also met with businesspeople and entrepreneurs from Baka al-Gharbiya, who explained their needs, the various challenges and difficulties they face, and the tools that can help them develop and break into new markets.​