"David Klein will continue the path and the policy followed in recent years. The policy is yielding fruit and we are approaching the harvest stage". This comment came from outgoing Governor of the Bank of Israel Yaakov Frenkel.
Frenkel estimated that the interest rate would be lowered to keep pace with the decline of inflation. "As inflation declines, the interest rate, too, can be seen to decline. When inflation stabilises at western levels, the interest rate too, can be adjusted. Low inflation is the key to ongoing economic growth. David Klein is a party to that policy," Frenkel said.
Frenkel welcomed Klein's appointment, saying it was an excellent appointment.
Frenkel added that he believed a situation could be reached in which the new Governor and the Minister of Finance would be able to work together.
Published by Israel's Business Arena January 9, 2000