The Bank of Israel responded today to a "Globes" report of tension with the Ministry of Finance over the new Bank of Israel Law.
The Bank of Israel wrote in a sharp response , "To our regret, after three and a half years of attempts to advance the Bank of Israel Law through cooperation with the Treasury, we find yet again that the Ministry of Finance's perspective shows a lack of understanding of the central bank and its independence, and doesn’t serve the interest of the Israeli economy.
"The Bank of Israel emphasizes that in the proposed new law there is a mechanism for external oversight of Bank of Israel salaries, through a professional committee that assures transparency and public supervision of the salaries.
"Unfortunately, the current supervisory system only media attacks on the Bank of Israel. We suggest to the Ministry of Finance that they should stop their media campaign and to enter into negotiations in order to advance the law."
Sources at the Ministry of Finance said in response, "The Bank of Israel is the one that reneged on understandings that were reached with the Ministry of Finance on the Bank of Israel Law. People at the Bank prove over and over again that non-supervision over wages is their central goal."
Published by Globes [online], Israel business news - www.globes-online.com - on June 10, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009