Report: $4 billion flew out of Israel over judicial reform fears
The report from the Israeli news outlet Ynet follows warnings from global financial juggernauts JP Morgan and HSBC.
The Israeli news outlet Ynet reported Wednesday that $4 billion has moved from Israeli to foreign banks outside the country in recent weeks due to the country's judicial reform plans.
According to Ynet, bank and financial sources whose names were not disclosed said the outflow is prompted by Prime Minister Benjamin Netanyahu’s controversial judicial reform proposal. Most of the money has gone to banks in the United States and Europe. High-tech companies are among those that have moved money out of Israel, according to Ynet.
The outlet did give a specific time frame. Netanyahu returned to power in late December.
Israel’s central bank, the Bank of Israel, told the outlet that it has not observed any unusual flow of funds.
