Central Banking

Bank of Israel's wage dispute continues

The wage dispute at the Bank of Israel is continuing, with Eli Cohen, the wages director at the country's finance ministry, refusing to sign off on various clauses of the new collective employment agreement.

Cohen is being pressurised to sign by the prime minister, Ehud Olmert and his director general, Ra'anan Dinur, who are themselves under pressure from central bank governor Stanley Fischer.

Fischer is determined to bring the agreement into effect and has advised the prime minister to overrid