Israel's central bank
In addition to lowering the interest rate, the bank said it would also provide monetary loans to banks for a term of three years, with a fixed interest rate of 0.1%.
Among the most notable measures announced by the central bank is the option for existing customers to defer mortgage payments for up to four months.
Businesses say the Bank of Israel must start intervening to alleviate a liquidity crisis stemming from the coronavirus outbreak.
"At this time, our role at the Bank of Israel is to help achieve the correct balance in the financial system," said Bank of Israel Governor Prof. Amir Yaron.
Gil Topaz explains in an interview to the Jerusalem Post what our banking will look like in the year 2030, and how we, as consumers, will benefit from technological and regulatory developments
Avidan has worked in the Israeli banking system for over 30 years
A vision of the near future of banking as seen from the perspective of the offices of the head of the Bank of Israel.
The outbreak of the coronavirus, the bank said, is casting uncertainty over a range of areas, including future economic activity both in Israel and abroad.
The position of deputy governor was left vacant for almost an entire year, since Dr. Nadine Baudot-Trajtenberg concluded a five-year term on February 28, 2019.
The project will begin the coming weeks, the bank said, involving hundreds of software programmers and developers in Israel and abroad.