March 4, 2020 / 2:46 PM / a month ago

Bank of Israel: coronavirus hasn't had significant impact on economy yet

TEL AVIV, March 4 (Reuters) - The Bank of Israel said on Wednesday that the coronavirus outbreak has not had a major impact on the economy, but if conditions worsen significantly, the monetary policy committee will use the variety of tools at its disposal when necessary.

The central bank, echoing comments it made last week, said that “at this stage, despite the specific impacts experienced by firms in a variety of industries, there is no evidence of a significant macroeconomic impact on the Israeli economy.”

If the spread of the virus is halted in the coming months, the assessment is that the global economy is expected to recover relatively quickly, the bank said in a statement.

“If the crisis persists, and particularly if the preventive measures in Israel become more serious and persistent, there is expected to be a significant economic impact,” it said. (Reporting by Tova Cohen, Editing by Ari Rabinovitch)

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