World News | Israeli Finance Minister Smotridge wants foreign banks to compete at home

Tel Aviv [Israel]July 4 (ANI/TPS): Israel’s finance minister wants to increase competition in the country’s banking sector by opening the market to foreign banks. For this, Smotridge is looking to two international banks.

“Israel’s banking system is one of the most centralized in the world,” he told the Knesset. “This is reflected in the scope of services, credit lines, quality of service and cost of service.”

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“Ultimately, the real solution to banking’s problems is competition,” Smotridge added. “Since we can’t wait for complex competition to develop because people are ‘choking’ today, we are already taking various actions ourselves.”

For years, Israelis have complained about the high fees charged by banks for almost everything, such as the cost of owning an ATM card, the cost of each cash withdrawal from an ATM, the cost of depositing cash, and so on. (ANI/TPS)

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