Bank of Israel Governor Prof. Stanley Fischer told a press conference Monday morning that investors in Israel have no reason to be alarmed by the recent "credit crunch panic" in the United States. He explained that the problems in the American market are local and also have been exaggerated.
 
"There is no liquidity problem in Israel [and] the market is functioning well," added Fischer, whom former Finance Minister Binyamin (Bibi) Netanyahu convinced to move to Israel more than two years ago to head the central bank. "The government has passed the budget, which is a positive factor. In addition, exports are rising, markets are performing well, and there are no problems. I don’t see anything bad in the offing and I see no need for a major intervention by us."