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Israel: Government approves sovereign wealth fund

Posted on 15 April 2013

The government approved the creation of a sovereign wealth fund to manage profits from Israel’s natural gas fields and prevent the influx of dollars from overvaluing the shekel. But the fund’s creation only becomes final after the Knesset legislates it.
Many states that discover large natural resource reserves set up such funds to avoid what economists call “Dutch disease.” Selling natural gas on the world market would flood Israel’s economy with dollars, making them cheap relative to the shekel. A strong shekel, in turn, would make Israeli goods more expensive on the world market, hurting exports………………………………………..Full Article: Source


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