The Bank of Israel’s Chairman, Professor Amir Yaron, has responded to Moody’s decision to lower Israel’s sovereign credit rating from A1 to A2 for the first time in history. According to Yaron, the primary reasons for the downgrade include uncertainty about ending the war, the impact of the war on government and Knesset attention to solving economic and social problems, and changes in fiscal situation. The reason for maintaining a negative outlook is uncertainty about further developments on the northern border. Despite this, Yaron emphasizes that Moody’s did not ignore Israel’s strong macroeconomic and monetary framework and its resilience in crisis situations. To strengthen market confidence and improve rating agency perception, he suggests that the government and Knesset take measures to address economic issues raised in the report. In conclusion, Yaron expresses his confidence in Israel’s economy and its ability to recover quickly this time around.
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