Israel takes a step closer to new law

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Israel's cabinet on Sunday approved a draft law that will see the independence and transparency of the country's central bank strengthened.

The passing of the Bank of Israel Law, which the governor, Stanley Fischer, has been pushing for for the past three-and-a-half years, will create a Monetary Policy Committee, and an administrative council to approve the central bank's annual work plan and budget. At present, Fischer alone decides interest rates, though there is a monetary forum comprised of

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