Shekel money bills.
(photo credit: REUTERS)
Bank of Israel Governor Karnit Flug presented Sunday the bank's report to President Reuven Rivlin, who said that Israel still has a lot of catching up to do with other developed countries.
Rivlin praised the scope and depth of the report, which he said should serve as a central point of reference for policy makers.
He said the that the report was "yet more proof of the high standard of professionalism of Israeli public servants in general and the Bank of Israel in particular, and illustrates the importance of a strong professional body to Israel's economic stability."
While pleased with the level of economic growth in the private sector, Rivlin was never-the-less troubled by the huge gap in wages between high and low income earners.
He was also concerned that the Arab and haredi (ultra-Orthodox) sectors have not been adequately integrated into the workplace.
Recalling the positive impact on the economy by the large Russian immigration of the 1990's, Rivlin said that a similar boost could be given to the economy if more Arabs and haredim were absorbed into the workforce.
In relating to BDS, Rivlin underlined the importance of maintaining good economic relations with the US and Europe, which are among Israels most significant trading partners.