The local markets twitched nervously at the announcement in November of the resignation of Bank of Israel governor Jacob Frenkel, the man widely credited with curing the country’s recalcitrant politicians of their addiction to inflation by insisting on an unbending monetary strategy. But, after an initial 1.2% drop, the shekel bounced back, even allowing the Bank of Israel to make a further 0.3% interest rate cut, and the stock market regained almost all of its losses within hours.
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