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As stipulated by law, the government appoints an Advisory Committee and an Advisory Council to the Bank of Israel for two-year periods.
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The Advisory Committee
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This committee has eleven members, at least seven of whom are not employees of a bank. By law, the committee must be consulted on setting and changing reserve ratios.
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The Advisory Council
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The Advisory Council consists of the members of the Advisory Committee plus another ten members. At least ten members of the Advisory Council must not be employees of a bank. State employees may not be appointed to these positions, and members are usually drawn from various economic sectors. The Council and the Committee hold discussions on economic policy and the state of the economy in which the views and analyses of the Governor and heads of Bank of Israel departments are presented, and the members of the Council and the Committee express their views.
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The Committee for the Planning of Banknotes and Coins
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This committee, is appointed by the Governor, and advises him on their planning and design. Its membership consists of experts in the fields of law, archaeology, numismatics, design, architecture, history, journalism, etc.
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About the Bank of Israel