name and background of the basic information of the bank
The Bank of Israel is Israel's central bank, founded in 1954 and located in Tel Aviv, Israel. As the country's financial authority, the Bank of Israel's main responsibilities are to formulate monetary policy, maintain price stability, and promote the healthy development of financial markets. It is not a commercial bank or a joint venture bank, but a state-owned bank under the direct control and operation of the Israeli government. The Bank of Israel is not publicly traded and its entire shares are held by the Israeli government.
Scope
of ServicesBank of Israel operates primarily within Israel, covering the country's banking system and financial markets. Due to its function as a central bank, it does not have the extensive offline branches and ATMs that traditional banks have. Its main tasks include monitoring the compliance of domestic banks, managing monetary policy, and conducting economic regulation at the national level. As a result, the bank's traditional business services do not involve day-to-day deposits or loans from mass customers.
Regulation &
ComplianceAs a central bank, the Bank of Israel is overseen by the Government of Israel and relevant financial regulators. It does not directly participate in the commercial bank deposit insurance scheme, but its functions include ensuring the stability of the banking system and regulatory compliance. Banks have a strict regulatory framework in place when it comes to compliance, ensuring that financial institutions follow transparent financial reporting and regulatory requirements. Recently, the bank has gained a proven track record of financial stability and regulatory compliance, and continues to improve transparency in financial markets.
Key Indicator of Financial Health: As a central bank, the Bank of Israel's core role is to maintain financial stability, not profitability. The financial health of the country is usually measured by the size of the country's foreign exchange reserves, its ability to control inflation (with a target annual inflation rate of 1%-3%), and the stability of the banking system. The 2023 data shows that Israel's foreign exchange reserves are stable, the capital adequacy ratio of the banking system meets international standards, and the non-performing loan ratio remains low.
Deposits &
LoansDeposits: The Bank of Israel does not directly provide personal deposit products, but influences the deposit interest rates of commercial banks through monetary policy. Israeli commercial banks such as Bank Leumi offer high-yield savings accounts, certificates of deposit (CDs) and other products, and some one-year CDs can have interest rates of more than 5%.
Loans: The central bank does not directly issue loans, but affects the interest rates of commercial banks' housing loans, car loans and personal credit by adjusting the benchmark interest rate. Commercial banks in Israel usually have mortgage rates linked to the central bank's policy rate, with lower interest rates available to borrowers with high credit scores.
list of common fees
Bank of Israel, as the central bank, does not involve retail banking service fees. However, common Israeli commercial bank fees include:
account management fee: Some banks charge a monthly fee for small accounts (e.g. NIS 5 per month for accounts below NIS 5,000).
Transfer fee: Inter-bank transfer is about 2-5 NIS per transaction, and cross-border transfer fee is higher.
ATM inter-bank withdrawal fee: Some banks charge a handling fee for non-bank ATM withdrawals.
digital service
experienceBank of Israel's official website provides macroeconomic data, monetary policy reports and financial stability analysis tools, but does not have a retail banking app. Israeli commercial banks such as Hapoalim and Leumi provide high-rated mobile banking apps (Google Play score 4.5+), which support facial recognition, real-time transfers, robo-advisors and other functions.
customer service
qualityThe central bank mainly communicates with the public through its official website, research reports and press conferences. Commercial banking customer service channels include 24/7 phone support, live chat, and multilingual service (Hebrew, English, Arabic). Israel's Financial Supervisory Authority (ISA) regularly publishes data on bank complaint rates, with an average processing time of 5-7 working days for major banks.
security measuresIsraeli
banking systems use advanced encryption technology, and commercial banks comply with international security standards (e.g. PCI DSS). Deposit insurance covers up to NIS 100,000 (approximately $27,000) per depositor per bank. No major data breaches have been reported in recent years.
Featured Services and DifferentiationThe
Bank of Israel promotes green finance policies and encourages commercial banks to issue ESG bonds. Some commercial banks offer:
student account: no management fee, with education loan discounts.
Exclusive services for the elderly: outlets for the elderly, large-print mobile banking and exclusive financial advisors. ) has a unique ability to advocate for policy and lead.
