The New York office of the Bank of Israel was inaugurated in New York yesterday, in the presence of the Governor of the Bank, Professor Stanley Fischer; Israel’s Minister of Finance, Dr. Yuval Steinitz; Israel’s Ambassador to the UN, Mr Meron Reuben; Israel’s Consul General in New York, Mr Ido Aharoni; and other senior officials including members of the Bank of Israel and Ministry of Finance delegations to the annual meeting of the IMF and the World Bank.

The representative office was officially operational immediately following the inauguration ceremony.

The main objective of the office, operated by the Bank of Israel’s Market Operations Department, is to strengthen the bank’s links with the international financial institutions located in the financial center of New York and with the external managers who manage some of the bank’s foreign exchange reserves portfolio.

It is hoped that the new office will also enhance the bank’s ability to gather and analyze financial information essential to the implementation of its monetary policy.

Numerous central banks have representative offices in the financial center of New York.