Transparency award: Bank of Israel

Communication bolstered by press events, stability reports and forward guidance

The Jerusalem headquarters of the Bank of Israel, established in 1954
David Vaaknin

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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