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Skip to content * Bank of Israel About the Bank of Israel Organizational Structure and Office Holders The Monetary Committee The Supervisory Council Prof. Amir Yaron, Governor of the Bank of Israel Education and the Visitors Center Arrange a Visit Contact Us Career * Economic Functions Monetary Policy Financal Markets Monetary Policy Tools Exchange Rates The Telbor Market SHIR Interest Rate Foreign Exchange Reserves Citizens of Israel Fund Data and Statistics Statistical Information by Subject Series Database Research and Publications All research Our Researchers Supervision and Regulation Supervision of the Banking System Payment Systems Oversight Payment Systems The Zahav (RTGS) System The Checks ClearingHouse Banknotes and Coins Banknote Security Features Commemorative Coins * Information & Service Banking and Payments Financial Education Consumer Enquiries and Inspections Restricted Accounts and Customers Interest rates & early repayment fees Consumer Enquiries and Inspections Restricted Accounts and Customers State Loans & Bonds My Cash Accessibility of Banknotes Bank of Israel Cash Window * News & Publications Press Releases Regular Publications Macroeconomic Staff Forecast Israel’s Banking System Annual Survey Conferences Schedule of Publications Video * Calculators * Newsletter * Accessibility My previous searches Search * * Contact Us EN * English * עברית * العربية Tools and calculators * Exchange Rates * IBAN Simulator * State loans * Effective to Nominal * Linkage calculations Join the mailing list Email Mobile phone Including SMS messages Subjects Exchange rates Press Releases Tenders and contracts Minutes of Interest Rate Discussions Research Publications פרסומי הפיקוח על הבנקים Select subject Exchange rates Press Releases Tenders and contracts Minutes of Interest Rate Discussions Research Publications פרסומי הפיקוח על הבנקים Confirmation of joining the distribution list and receiving messages and information from the Bank of Israel. Register * Home Page * Bank of Israel * The Monetary Committee THE MONETARY COMMITTEE THE MONETARY COMMITTEE WAS ESTABLISHED UNDER THE BANK OF ISRAEL LAW, 5770-2010. THE MONETARY COMMITTEE HAS SIX MEMBERS: THE GOVERNOR, WHO SERVES AS CHAIRPERSON OF THE COMMITTEE, THE DEPUTY GOVERNOR, AND AN ADDITIONAL BANK EMPLOYEE WHO IS APPOINTED BY THE GOVERNOR. THE OTHER THREE MEMBERS OF THE COMMITTEE ARE REPRESENTATIVES OF THE PUBLIC. THE MONETARY COMMITTEE’S FUNCTIONS ARE: * To set policy, including monetary policy, in order to achieve the Bank’s objectives * To monitor the execution of the set policy * To decide on actions, pursuant to the Bank of Israel Law, that the Bank must take in order to achieve the Bank’s objectives. * Any other function assigned to it by the Bank of Israel Law MEMBERS OF THE MONETARY COMMITTEE * PROF. AMIR YARON Governor * MR. ANDREW ABIR Deputy Governor * DR. ADI BRENDER Director of the Research Department * PROF. ZVI HERCOWITZ Member of the Monetary Committe * PROF. NAOMI FELDMAN Member of the Monetary Committe ANNOUNCEMENTS OF INTEREST RATE DECISIONS 25/11/2024 The Monetary Committee decides on November 25, 2024 to leave the interest rate unchanged at 4.5 percent MINUTES OF MEETINGS TO DECIDE ON MONETARY POLICY 15/01/2024 Report on the Bank of Israel’s discussions prior to deciding on the interest rate 01.01.24 More Information on the Interest rates and Monetary Tools MONETARY POLICY REPORTS 18/01/2023 Monetary Policy Report Second Half of 2022 FOREIGN EXCHANGE RESERVES REPORTS 09/06/2024 Report on the Investment of Israel's Foreign Exchange Reserves in 2023 SUMMARIES OF THE DISCUSSIONS OF THE MONETARY COMMITTEE 21/08/2024 Report of the Monetary Committee discussion held at the Bank of Israel regarding management of the foreign exchange reserves HELPFUL INFORMATION Exchange Rates Financial Consumerism Calculators Restricted Accounts Finding Bank Branches Bankipedia USEFUL LINKS Tenders and Contracts Visitors Center Cash Window Appointments Public Enquiries Unit Accessibility Terms of Use OUR WORK Economic Statistics Financial Markets Monetary Policy Research and Publications Supervision and Regulation Banknotes and Coins Work With Us CONTACT US Contact Us Facebook YouTube LinkedIn Sign-up for updates PROF. AMIR YARON Governor Professor Amir Yaron was appointed by the President of Israel as Governor of the Bank of Israel on December 24, 2018. He is a world-renowned expert in macroeconomics, monetary economics, finance, and financial economics. Prof. Yaron obtained his Bachelor's and Master's degrees from Tel Aviv University, and served as an officer in the unit of the Economic Advisor to the IDF Chief of General Staff. He then went abroad, where he obtained a Master's degree and a Ph.D. at the University of Chicago. He is a full professor in the Finance Department at the Wharton School at the University of Pennsylvania, where he has held the Robert Morris Chair in Banking. Prof. Yaron has served in a number of senior leadership positions in the academic world: * Faculty Research Associate at NBER, and one of its research group heads on capital markets and economics. * President of the Foundation for the Advancement of Research in Financial Economics (FARFE). * Member of the Board of the Western Finance Association. * Chairman of SFS Cavalcade. * Editor of a number of periodicals. His joint study with Ravi Banzal, "Risks for the Long Run: A Potential Resolution of Asset Pricing Puzzles", referred to in the literature as the "Bansal-Yaron Model", is one of the leading studies worldwide regarding the interface between macroeconomics and finance. The paper was reviewed in the writings of the Nobel Prize Scientific Committee in 2013, and led to the Governor winning the prestigious Stephen Ross Award in 2019. Professor Yaron has been a visiting scholar at the Federal Reserve Bank of Philadelphia, MIT, the University of Chicago, Goethe University, the Bank of Israel, CEMFI-Spain, IIES-Sweden, and the IMF. The detailed Governor's Curriculum Vitae MR. ANDREW ABIR Deputy Governor Mr. Andrew Abir has served as Deputy Governor of the Bank of Israel since February 2020. He was appointed Deputy Governor by the Israeli Government, on the recommendation of the Governor of the Bank of Israel, in accordance with the Bank of Israel Law, 5770–2010. Mr. Abir also serves as a member of the Bank of Israel’s Monetary Committee and Supervisory Council. Prior to his appointment as Deputy Governor, Mr. Abir served as the Director of the Markets Department in the Bank of Israel. Mr. Abir has been at the central bank since 1987, initially in the Office of the Governor, and then moving to the Markets Department in 1992. Mr. Abir earned a BA in Politics, Philosophy and Economics from Oxford University, and an MBA from the Hebrew University of Jerusalem. DR. ADI BRENDER Director of the Research Department Dr. Adi Brender replaced Prof. Michel Strawczynski as Director of the Bank of Israel Research Department and as a member of the Bank of Israel Monetary Committee on January 1, 2023. Prior to his current position Dr. Brender served as Head of the Macroeconomic and Policy Division in the Bank of Israel’s Research Department. Prior to that, Brender served as Head of the Fiscal Area in the Research Department. In his last position at the Research Department he led, among other things, with his colleagues, the work on the Productivity Report and the economic strategy document submitted to the Government with its forming. He also contributed markedly to the Bank’s role as economic advisor to the government, among other things during the COVID-19 crisis. During the course of his work at the Bank, Brender has published many research papers, some of them in leading economic journals, and participated in numerous public and government committees and joint work teams. Dr. Brender holds a Bachelor’s degree in Economics and a Master’s degree in Economics and Business Administration, with a specialty in marketing, from the Hebrew University of Jerusalem. He earned a Doctorate degree from Columbia University in New York. Before working at the Bank of Israel, he served for 5 years as an economist at the IMF. He lives in Jerusalem, is married and has 2 children. PROF. ZVI HERCOWITZ Member of the Monetary Committe Professor Zvi Hercowitz has served as a member of the Monetary Committee of the Bank of Israel since October 2017. He was appointed by the Government in accordance with the Bank of Israel Law, 5770–2010. Professor Emeritus at the Eitan Berglas School of Economics, Tel Aviv University. Prof. Hercowitz has served as a consultant to the Bank of Israel Research Department, was a guest researcher at the Federal Reserve Bank in the United States, and has published many articles in the fields of macroeconomics, monetary policy, and the financial system. PROF. NAOMI FELDMAN Member of the Monetary Committe נעמי פלדמן מחלקה לכלכלה האוניברסיטה העברית בירושלים naomi.feldman@mail.huji.ac.il אתר אישי: naomifeldman.com השכלה אוניברסיטת מישיגן, אן ארבור ד"ר בכלכלה, 2004 MA בכלכלה, 2001 אוניברסיטת אילינוי, אורבנה-שמפאין BA בכלכלה, 1995 ריכוז בספרות ושפה צרפתית תחומי עניין מימון ציבורי, מיסים, כלכלה התנהגותית ניסיון תעסוקה 2018 - פרופסור חבר לכלכלה, המחלקה לכלכלה, האוניברסיטה העברית בירושלים 2016-18 כלכלנית ראשית, מדור ניתוח פיסקאלי, פדרל ריזרב בורד, וושינגטון די סי. 2017-18 כלכלנית בכירה, מועצת היועצים הכלכליים(CEA) ,משרד ההנהלה של הנשיא, וושינגטון די סי. (בחל״ת מהפדרל ריזרב בורד). 2014-15 מרצה מין החוץ, המחלקה לכלכלה, אוניברסיטת מרילנד. 2011-2016 כלכלנית בכירה, מדור ניתוח פיסקאלי, פדרל ריזרב בורד, וושינגטון די סי. 2004-11 מרצה (מסלול קביעות), המחלקה לכלכלה, אוניברסיטת בן -גוריון, באר שבע. 2008 פרופסור אורח, בית הספר למדיניות ציבורית והמחלקה לכלכלה, אוניברסיטת מישיגן, אן ארבור. 2004יועצת (מחקר בנושא מס חברות בינלאומיות), אגף הערכה ואסטרטגיה מוניטרית, בנק אנגליה, לונדון, בריטניה. פעילויות מקצועיות 2021 - עורכת בכתב העת הכלכלי American Economic Journal: Economic Policy