Bethel Finance news:
The Ministry of Finance has published its economic highlights for the first quarter of 2011.
According to the ministry, Israel's economy grew 5.4% in the second half of 2010, which Finance Minister Yuval Steinitz attributes to the country's "original and responsible economic policy."
On January 24, 2011, the International Monetary Fund (IMF) published its report on the Israeli economy for 2010. The IMF concluded that Israel had passed through the global financial crisis rapidly and that the country's economy had bounced back after a "moderate" slowdown in 2009. The IMF report added that Israel had been "well-prepared" for the crisis and had responded decisively.
Also in January, the Sheshinski Committee to Examine the Policy on Oil and Gas Resources in Israel released its recommendations, deciding to leave the royalty rate for Israel's natural gas and oil at 12.5% and raise the state's share through other methods. The committee recommended that the levy start at 20% and rise to 50%, 10% lower than the original proposal. The state and public's share of the net profit from the gas and oil will increase from one-third to 52-62%. On February 28, the committee's conclusions passed a first reading in the Knesset plenum.
In the international area, the finance and industry, trade, and labor ministries launched a plan to strengthen Israel's commercial ties with India and China.
Q1 2011 saw the Bank of Israel raise the interest rate from 2% to 3% in increments.
Q1 2011 saw the Bank of Israel raise the interest rate from 2% to 3% in increments.
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