Israeli cabinet approves bank reform despite stability concerns

July 31st, 2016 by admin Leave a reply »

Israeli cabinet approves bank reform despite stability concerns

Israeli Prime Minister Benjamin Netanyahu (R) speaks to an assistant as he opens the weekly cabinet meeting at his Jerusalem officeBy Steven Scheer JERUSALEM (Reuters) – Israel’s cabinet on Sunday approved legislation aimed at loosening the grip of the country’s three largest banks on the credit supply market, despite opposition by the IMF and a risk that the reform could flood the economy with excess credit. The draft law, which must be ratified by parliament, “paves the way for the entry of new players in the financial and banking sector to increase competition,” the Finance Ministry said. The unanimous cabinet approval was a victory for Finance Minister Moshe Kahlon, a political centrist elected last year with a promise of taking on the highly concentrated banking sector.

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Economy News Headlines – Yahoo! News

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