Israel’s Banking System in the Spotlight: OECD Requests Audit on Competition Amidst Controversy

The Israeli Ministry of Finance has requested the OECD to include a section on banking competition in its regular biennial report on the Israeli economy. This request was made without informing the management of the Bank of Israel, according to a report by ynet portal. It is customary for the OECD to conduct an audit on a specific topic in addition to the general report, with the topic usually chosen by the country’s leadership.

The choice of banking competition as a focus has angered some members of Israel’s financial community, including Professor Amir Yaron, Chairman of the Bank of Israel. The central bank’s leadership is concerned that conducting an audit on this topic during wartime could potentially weaken the stability of the banking system and be used for populist initiatives. In response, the Bank of Israel’s press service emphasized that they would prefer to conduct such an audit during peacetime.

It is worth noting that other articles and websites are unrelated to this issue, ranging from online lotteries and casino bonuses to insurance and watch faces. While these topics may be interesting and relevant in their own right, they do not seem to have any clear connection to the current debate surrounding banking competition in Israel.