The Monetary Committee of the Bank of Israel has announced a foreign exchange purchase plan which will offset the effect of the natural gas production on the exchange rate.

At the end of a long evening meeting, the government approved the economic program for 2013-2014 with a majority vote of 21 to 1.

Minister of Finance Yair Lapid: “The downgrading of the rating is not surprising. It is a delayed response to the situation which we are presently correcting.”

ICT in Israel is one of the most advanced in the world. The agreement with Microsoft is an additional link connecting Israel to the global world.

In its announcement Fitch noted that the rating ratification reflects Israel’s strong institutions and macroeconomic performance; however the large expected budget deficit was also mentioned.