A new reform has been implemented in Israel's banking system: the Bank of Israel will no longer be responsible for our daily cash flow; instead, commercial banks will take care of it themselves.
Until now, the various banks had to deposit their left-over daily cash at the Bank of Israel, and withdraw cash the next day for the day’s business dealings. As of this week, however, a new cash-flow reform will be instituted, under which the banks will be responsible for much of the public's cash.
The various banks, including the Postal Bank, will establish new “cash centers,” to be used to regulate the flow of cash among themselves and between them and their customers. The banks will thus assume the task of counting and sorting cash, which until now had been carried out by the Bank of Israel. For this purpose, the banks will have to use high-quality sorting and counting machines, to reduce the chances that low-quality or unacceptable bills will be passed to the public.
Any bill that is torn, pasted together, written on and the like must be deposited with Bank of Israel, which will destroy it and replace it with a new one.
Bank of Israel Will Continue to Issue Money
The Bank of Israel will continue to fulfill its function of issuing new money, as well as destroying and replacing worn-out, unusable and counterfeit bills. It will also monitor the cash centers, ensuring that they operate according to its guidelines.
Bank of Israel safes will be placed in the various cash centers for depositing and withdrawing money. Other safes are to be placed there in the future, holding money to be used only in an emergency.