BOI Economic Data

Instructions

Step 1: Identify the Data Type

Ask the user what economic data they need:

Data Type	Hebrew	Source	Update Frequency
Interest rate	ריבית בנק ישראל	BOI Monetary Committee	Announced ~6 times/year
Exchange rates	שערי חליפין (שער יציג)	BOI	Daily (published ~16:00)
CPI (Consumer Price Index)	מדד המחירים לצרכן	CBS (Lishkat HaStatistika)	Monthly (around 15th of following month)
Inflation expectations	ציפיות אינפלציה	BOI	Monthly
Government bonds yield	תשואת אג"ח ממשלתי	BOI / TASE	Daily
Monetary aggregates	אגרגטים מוניטריים	BOI	Monthly

Step 2: Fetch Data from BOI API

The Bank of Israel provides public data via REST API at data.boi.org.il. Note: API endpoint structure may change, verify current endpoints before use.

Exchange Rates (Sha'ar Yatzig):

GET https://data.boi.org.il/api/data/EXR?format=json&startperiod={date}&endperiod={date}

Interest Rate:

GET https://data.boi.org.il/api/data/IR_INTEREST?format=json

Use scripts/fetch_boi_rates.py for simplified data fetching.

Step 3: Process Exchange Rate Data

BOI publishes representative exchange rates (sha'ar yatzig) daily:

Currency	Code	Typical Use
US Dollar	USD	Primary foreign currency, investment pricing
Euro	EUR	EU trade, travel
British Pound	GBP	UK trade
Japanese Yen	JPY	Per 100 JPY
Swiss Franc	CHF	Safe haven

Key points:

• Representative rate published once daily at approximately 16:00
• Used as official rate for tax calculations, contracts, financial reporting
• Weekend and holiday rates use last published rate
• For intraday rates, use forex platforms (BOI rate is indicative)

Step 4: Analyze CPI Data

The Consumer Price Index (Madad HaMchirim LaTzarchan) from CBS:

CPI Component	Hebrew	Weight (approx)	Notes
Housing	דיור	~25%	Rent component (not home prices)
Food	מזון	~17%	Including dining out
Transportation	תחבורה	~17%	Fuel, public transit, vehicles
Education & culture	חינוך ותרבות	~11%	Tuition, books, entertainment
Health	בריאות	~6%	Medical services, medications
Clothing	הלבשה והנעלה	~3%	Seasonal adjustments

CPI uses:

• CPI-linked bonds (Galil): Index-linked government bonds adjust by CPI
• Rent adjustments: Many Israeli leases are CPI-linked (tzmud madad)
• Tax brackets: Updated annually by CPI
• Alimony and legal judgments: Often CPI-linked

Note: CBS publication schedule may vary. CPI data is typically published around the 15th of the following month, but verify current CBS publication schedules.

Step 5: Track Interest Rate Decisions

BOI Monetary Committee sets the interest rate:

Rate Level	Typical Context	Impact
Rising	Inflation above target (1-3%)	Higher mortgage rates, stronger NIS
Stable	Inflation within target	Predictable borrowing costs
Falling	Low inflation or economic slowdown	Lower mortgage rates, weaker NIS

Historical context helps interpret current decisions. Use scripts/fetch_boi_rates.py --interest-history for recent rate changes.

Step 6: Combine Data for Analysis

Cross-reference multiple data points for comprehensive analysis:

1. Mortgage planning: Interest rate + CPI trend + exchange rate outlook
2. Business planning: Exchange rate + CPI for cost projections
3. Investment analysis: Bond yields + inflation expectations
4. Import/export pricing: Exchange rates + CPI for contract negotiations

Examples

Example 1: Current Exchange Rate

User says: "What is today's dollar-shekel exchange rate?" Actions:

1. Run python scripts/fetch_boi_rates.py --currency USD
2. Display representative rate (sha'ar yatzig) with date
3. Note: Rate published at approximately 16:00, before that yesterday's rate applies Result: Current USD/NIS representative rate with context

Example 2: Interest Rate Impact

User says: "What is the current BOI interest rate and how does it affect mortgages?" Actions:

1. Run python scripts/fetch_boi_rates.py --interest
2. Show current rate and recent history
3. Explain: Variable-rate mortgages (mashkanta priim) directly affected
4. Note: Fixed-rate mortgages set at time of signing, not affected by changes Result: Interest rate with mortgage impact analysis

Example 3: CPI Trend for Rent Adjustment

User says: "My lease says rent adjusts by CPI. How much did it go up?" Actions:

1. Determine: Lease start date and adjustment period
2. Fetch: CPI values for start and current period
3. Calculate: Percentage change = (CPI_current - CPI_base) / CPI_base * 100
4. Apply: New rent = original_rent * (1 + percentage_change / 100) Result: Exact CPI adjustment with new rent calculation

Bundled Resources

Scripts

• scripts/fetch_boi_rates.py -- Fetches Bank of Israel data: exchange rates, interest rates, and CPI. Run: python scripts/fetch_boi_rates.py --help

References

• references/boi-api.md -- Bank of Israel API endpoints (SDMX format), authentication, rate limits, and data structure. Consult when building integrations or troubleshooting API calls.

Gotchas

• Agents often query BOI exchange rates for Friday or Saturday, but the representative rate (sha'ar yatzig) is only published on business days (Sunday-Thursday). Use the last available Thursday rate for weekends.
• The BOI SDMX API returns XML by default, not JSON. Agents must either parse XML or add the correct Accept header for JSON format.
• Agents may confuse the BOI representative rate (indicative, published once daily at approximately 16:00) with real-time forex rates. The BOI rate is not suitable for intraday trading decisions.
• CPI data from CBS lags by about 6 weeks: January's CPI is published around February 15th. Agents may try to fetch current-month CPI that does not exist yet.

Troubleshooting

Error: "BOI API returned empty data"

Cause: Querying for weekend/holiday date when no rate was published Solution: BOI publishes rates on business days only (Sunday-Thursday). For Friday/Saturday, use the last published rate (Thursday). Use the API date range query to get the most recent available rate.

Error: "CPI data not yet available"

Cause: CBS publishes CPI around the 15th of the following month Solution: If current month's CPI is not available, use the latest published index. Check CBS publication calendar for exact release dates.

Error: "Exchange rate seems stale"

Cause: Using representative rate before daily publication time Solution: BOI representative rate is published at approximately 16:00 Israel time. Before that, the previous day's rate is the official rate. For intraday indicative rates, use bank or forex feeds.