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The IMF Published its Annual Report on Israel’s Economy

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Friday, April 6th, 2012

This year, in addition to its usual report, it also published the results of a comprehensive study it carried out of Israel’s financial system, in the framework of its Financial Sector Assessment Program (FSAP)

The IMF annual report on Israel’s economy was published today, following its approval by the IMF Executive Board. This year an updated report on the stability of Israel’s financial system is also included, essentially based on the FSAP (Financial Sector Assessment Program) investigation carried out by the special delegation that visited Israel in November 2011.

The FSAP is a process involving a comprehensive investigation of the stability of financial systems and the quality of the supervision and regulation of its activities. The previous study of Israel’s financial system took place in 2001. Since then there have been many changes in the financial system and the international standards, which prompted the latest assessment.

The examination carried out in November 2011 encompassed all the bodies involved in the supervision and regulation of Israel’s financial system, including the Bank of Israel, and in particular the Banking Supervision, the Financial Stability area, and the Payment and Settlement systems; the Ministry of Finance, focusing on the Capital Market, Insurance and Savings Division; the Securities Authority; and the Tel Aviv Stock Exchange. The examination was carried out on the basis of international standards and specific core principles regarding the activity of the various bodies, and involved the use of up-to-date tools that have been developed around the world as part of the lessons learned from the most recent financial crisis.

Click here to read the full press release.