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Gold/Mining/Energy : Gold Price Monitor

GDXJ 114.20

-0.4%

Dec 18 4:00 PM EST

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To: Richnorth who wrote (84847)	4/28/2002 10:49:29 AM
From: long-gone	Read Replies (1) of 116815

Sunday April 28, 10:15 am Eastern Time Bank Of Israel Acts To Improve Banking Liquidity JERUSALEM -(Dow Jones)- The Bank of Israel said Sunday it was increasing 10 lending quotas to the banking system to one billion shekels ($1=ILS4.8780) from ILS100 million at interest rates starting at 4.8% in a bid to improve liquidity. "This operation is intended to help inter-bank trading and, if needed, additional steps like this will be taken in order to increase the banking system's liquidity," the central bank said in a statement. A spokesman wouldn't comment further on the announcement. However, the announcement comes at a time when the financial markets are feeling unusual pressures. Last Thursday officials announced they had uncovered a huge theft of funds, amounting to as much as ILS300 million, from tiny Trade Bank. Although the affair doesn't threaten the banking system, analysts said Sunday it was feeding a growing concern about a deep recession and the ability of the government to cope with it. The cabinet is meeting Sunday to debate a package of fiscal measures designed to fill an ILS13 billion ($1=ILS4.8760) hole in the 2002 budget. But markets have expressed concern over the measures and the prospects of a big interest rate hike. The shekel slid almost 2% last week. biz.yahoo.com

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