Deputy BOI governor: Economy is facing another wave of redundancies

The economy is facing another wave of redundancies, with thousands of workers set to lose their jobs, according to deputy governor of the Bank of Israel (BOI), Prof. Zvi Eckstein. Speaking to Army Radio on Tuesday morning, Eckstein said that the BOI was working well in its attempts to deal with the crisis, but that due to the upcoming elections, the Treasury was not operating adequately. "We lowered interest rates twice due to the extraordinary crisis and the Bank of Israel (BOI) is working and monitoring the economy's financial stability," he said. "There are likely to be thousands of redundancies, one percent of the economy, but we have to remember that several of those made redundant find [other] jobs."