Transparency award: Bank of Israel
Communication bolstered by press events, stability reports and forward guidance
On June 22, 2015, governor Karnit Flug delivered the central bank's first ever press conference following a rate decision. Four months earlier it had cut its key rate to 0.1%. Inflation was still negative. So when Flug said the probability of using unconventional tools had "declined", markets reacted. The Israeli currency, the shekel, rose in value, ending the day up 1.3% against the US dollar. Two days later, it reached its highest level of the year. As debuts go, it was certainly memorable.
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