Israel Banks Adjust Operations Due to US Holiday

Israeli banks implemented temporary restrictions on several dollar-related operations on Monday, September 7, due to the Labor Day holiday in the United States. These limitations affected international money transfers, both incoming and outgoing, as well as interbank transactions involving the Bank of Israel's accounts. Additionally, customers were temporarily unable to open new or prematurely close existing U.S. dollar deposits. The currency market itself, however, continued to operate. Normal settlement and capital movement are expected to resume on Tuesday, September 8, when U.S. financial institutions return to their regular schedules after the federal holiday.

Separately, the retail chain Carrefour Israel is considering withdrawing from the government's "Basket of Israel" program due to weak financial performance. The initiative, which involved reducing prices on approximately 100 staple goods by about a third, has not generated the expected customer influx and has significantly impacted the company's financial results. Sales for the second quarter dropped by 7.6%, a steeper decline compared to competitors like Yohananof and Rami Levy. Carrefour Israel's new CEO, Inbal Cherson, is reportedly leading the review, with a final decision anticipated after the High Holidays. The program was initially projected to increase revenue by 214 million shekels, but actual results have been contrary to forecasts.