Central Banking

Israeli finance min slams cbank profits policy

Israeli Finance Minister Avraham Shochat on Feb 20 accused the Bank of Israel of making changes in the system it uses to calculate profits, depriving the government of billions of shekels in revenues.In a sharply worded letter to Bank of Israel Governor David Klein, Shochat accused the central bank of not following the accounting rules agreed with the Finance Ministry in January 2001 and called for the bank to suspend any profit declarations.

"These changes will have the effect of preventing b

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