Bank of Israel tightens control on mutual funds activity

Bank of Israel is tightening the supervision on customer activity in forex mutual funds, Ma'ariv reports.

Representatives from the bank's foreign currency division in recent weeks visited several fund managers and demanded immediate reports on dealer activity in this sector. The officials also met with other financial entities in order to learn first hand about public preferences, and the reasons for the change of focus from shekel funds to forex funds.

Given the big volumes raised by forex funds, which last month came to more than NIS 1 billion, the central bank has increased its supervision and control in order to obtain information in real time about the volumes of shekel exits.