Israel's central bank extends war economic aid package

Israel’s Central Bank on Sunday extended until the end of 2024 a series of actions they took to help Israelis handle the economic fallout of the Israel-Hamas War.

The actions are part of a plan in cooperation with Israel’s commercial banks, meant to lighten the burden of credit and bank fees on Israelis, according to the Bank of Israel.

Actions taken by the banks include allowing customers to postpone payments without interest and offering interest-free loans.

The plan has been extended numerous times since the outbreak of the war and expanded to include additional populations harmed – including residents of the North.

The most recent extension of the plan includes adjustments to the plan regarding eligibility for the various benefits and the scope of the benefits were updated.

What are residents of the South eligible for?

Residents of the South up to 7 km. are eligible for extended benefits, as opposed to residents up to 30 km. from the border who were previously included.

As of the end of August, some 460,000 loans were postponed under the plan, amounting to around NIS nine billion. Around 40% of the amounts varied by households, and the rest were changes within the business sector.

“The additional extension allows us to give more aid to those who are experiencing economic difficulties while focusing the aid given to the different populations in accordance with the development of the war,” said BOI Governor Prof. Amir Yaron.

“We are committed to continue to follow the economic situation in the wake of the war, and to act as much as needed to support the recovery of the economy,” said Yaron.