News Brief

(IsraelNN.com) Prime Minister Benyamin Netanyahu and Finance Minister Yuval Steinitz will submit the draft Bank of Israel law for Cabinet approval on Sunday. The law specifies the main areas of activity for the Bank, emphasizes its goals, strengthens its independence and assures transparency. The current Bank of Israel Law is relatively unchaged since first drafted in 1954.

A statement from the Prime Minister’s office said the draft law allows for better oversight of Bank decisions. It calls for the creation of a six-member monetary committee composed of three Bank and three public representatives to set monetary policy for the State of Israel, including interest rates. An administrative council will also be established to approve the Bank's annual work plan and budget. The law also includes an oversight mechanism for the salaries of Bank employees.