Bank of Israel back in the black by $374m
The Bank of Israel turned a profit of NIS1.4 billion ($374 m) last year after two consecutive years in the red, it announced on Sunday.
The central bank linked the turnaround to increases in its foreign currency assets overseas and tradable local currency government securities. A net increase in makam- short-term bills issued by the central bank- was accompanied by a NIS700 million decline in the cost of these instruments, largely due to the drop in interest rates. This, along with a net
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