In a surprising twist, Israel's fiscal deficit has shown signs of narrowing, offering a glimmer of hope amidst the immense economic pressures caused by war and heightened government spending. According to the Ministry of Finance, the deficit for the 12 months ending November 2024 now stands at 7.7% of GDP, equivalent to NIS 150 billion. This marks a slight but meaningful improvement from October's 7.9% of GDP, or NIS 152 billion, signaling the second consecutive month of deficit reduction after a grueling 18-month streak of increases.

09 December 2024

Read more: Israel’s Fiscal Deficit Narrows Amid Rising War Costs and Revenue Growth

In a bold move to overhaul Israel’s banking sector and tackle the high cost of living, Finance Minister Bezalel Smotrich and Bank of Israel Governor Amir Yaron announced the formation of a groundbreaking inter-ministerial team. This initiative aims to revolutionize competition in the banking system and expand access to affordable credit for small businesses and households—a step that could fundamentally reshape Israel’s economy.

01 December 2024

Read more: Israel Launches Bold Plan to Boost Banking Competition & Lower Costs

In a bold appeal for expanded energy initiatives, Mathios Rigas, CEO of the Israel-focused gas giant Energean, has called on the Israeli government to intensify offshore oil and gas exploration efforts. Speaking to Reuters on Thursday, Rigas emphasized the urgent need for new exploration licenses to meet skyrocketing energy demands across the eastern Mediterranean.

29 November 2024

Read more: Energean Urges Israel to Expand Gas Exploration Amid Rising Demand

Following a recent and scathing State Comptroller report that criticized the Israel Tax Authority's lagging response to the burgeoning digital asset market, the government is taking decisive steps to close the crypto-taxation gap. The Ministry of Finance, in collaboration with the Tax Authority, has introduced draft legislation aimed at formally defining digital assets within Israel’s Income Tax Ordinance. This pivotal move will bring cryptocurrency and digital assets firmly under the scope of Israel’s tax laws, particularly capital gains tax, potentially unlocking billions of shekels in revenue for a state balancing economic demands amid pressing national security concerns.

11 November 2024

Read more: Israel Moves to Tax Crypto Gains with New Legislation Following Criticism

In a dramatic downturn, oil prices dropped by over $3 per barrel on Monday as Israeli airstrikes on Iran avoided key oil and nuclear sites, easing market fears of supply disruptions from the Middle East. While the strikes were a sharp response to recent escalations, Israel's decision to steer clear of Iran’s crucial energy infrastructure and nuclear facilities brought an unexpected calm to the volatile oil market.

28 October 2024

Read more: Oil Prices Down, Stocks Go Higher After Israel's Precision Strikes on Iran