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Economy11 hours ago (Dec 13, 2020 06: 20 AM ET)
© Reuters. People wear protective face masks as they shop at a market amidst Israel’s second-wave coronavirus disease (COVID-19) lockdown, in Jerusalem
By Steven Scheer
JERUSALEM (Reuters) – The Bank of Israel said on Sunday it would start offering repo transactions with monitored non-bank credit companies to increase the supply of credit to extremely small companies struggling to obtain due to the COVID-19 crisis.
” In view of the crisis, lowering the expense of the financing source for non-bank credit companies will produce an incentive for them and contribute to the pass-through from the general interest rate in the economy to the interest paid by little and micro businesses for the credit released to them,” the central bank stated.
Throughout the coronavirus pandemic the central bank has tried to help little businesses by way of very low interest rate loans to banks, while enabling loan repayment deferments.
The transactions will be for 6 months, with the possibility of an extra 6-month period under the exact same terms, the bank reserve bank said.
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