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Election-anytime Economics

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Bank of Israel Governor Dr. Karnit Flug told Prime Minister Benjamin Netanyahu over the weekend that she will not contend for another term at the helm of the central bank and will thus step down in November.

The relationship between Flug and Finance Minister Moshe Kahlon had been tense, with the tension peaking when the Bank of Israel issued its annual report a few months ago, criticizing Kahlon’s flagship program to reduce housing prices, the Mechir Lemishtaken (Buyer’s Price) program. Flug was also critical of Kahlon’s desire to lower taxes following a one-time increase in the state’s revenues. Kahlon didn’t like being criticized and threats were being heard from his circle that he would not support her for another term. Flug apparently got the hint.

On the other hand, she decided in her........

© Haaretz