Bank of Israel cuts 2017 budget as building and banknote projects wind down

The Bank of Israel's HQ is undergoing renovations. Photo: David Vaaknin
David Vaaknin

The Bank of Israel has found room to cut its budget in 2017 as a few major projects are set to be completed, it revealed in its work plan for the year.

The central bank has been concentrating on budgetary discipline, managing to cut its "base" budget for wages, investment and current expenditure in recent years. It cut an additional 2.6% in 2017, bringing the base budget to 820.6 million shekels ($213 million).

The cuts come in spite of growing responsibilities and increased staff numbers, which

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