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Bank of Israel names new MPC voting member

Bank of Israel names new MPC voting member
© Reuters. FILE PHOTO: The Bank of Israel building is seen in Jerusalem June 16, 2020. REUTERS/Ronen Zvulun/File Photo

JERUSALEM (Reuters) – Bank of Israel Governor Amir Yaron appointed Adi Brender as the bank’s director of research and as a voting member of the monetary policy committee effective January 1, the central bank said on Tuesday.

Brender had been head of the macroeconomics and policy division in the bank’s research department for the past decade. He replaces Michel Strawczynski who in July said he would step down at the end of the year.

“Adi has research experience and knowledge in a range of economic policy areas in Israel and worldwide. These will be able to contribute notably to the (research) department and the bank in monetary policy processes that the bank leads and in fulfilling our function as economic adviser to the government,” Yaron said.

Brender will take up his new post on the six-member MPC just before its next interest rates decision on January 2.

The central bank has raised its benchmark interest rate to 3.25% from 0.1% in April in a bid to combat inflation that has topped a 5% rate, with an expectation of the rate reaching 3.75%-4.0% in coming months.

Source: Investing.com

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