Monetary policy was formulated to strengthen the ability of the economy to deal with the deepening recession in the global economy and with its potentially adverse effects on Israel's economy.

The GIA (Gemological Institute of America) will open a new laboratory facility in the Israeli Diamond center in Ramat Gan in early September.

International rating company S&P reiterates the State of Israel's A+ credit rating with a stable putlook despite the elections announcement.

The rating action reflects S&P view of Israel's improved economic policy flexibility as a result of strong growth and careful macroeconomic management.

Israel's assets abroad grew by about $5 billion (about 2 percent) in the second quarter of 2011, to $266 billion.