Economics
Israel to Begin Investing Foreign Reserves in U.S. Equities
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The Bank of Israel plans to invest hundreds of millions of dollars of its foreign reserves in U.S. equity index trackers in a pilot program beginning in the first quarter of 2012.
The bank, which hasn’t been deterred by global economic turmoil, has interviewed asset management firms and will decide on two, said Barry Topf, senior adviser to Governor Stanley Fischer. The firms will simultaneously invest in a chosen index, he said in an interview yesterday at the bank’s offices in Jerusalem.