Bank of Israel Established by Knesset

Knesset Establishes Bank of Israel

The Knesset passes the Bank of Israel Law by a vote of fifty-five to zero with fourteen abstentions. The new law, which goes into effect on December 1, 1954, establishes the Bank of Israel as the central financial authority for the country.

Today in Israeli History|August 24, 1954
Israel Independence Day

Israel Declares Independence

On Friday afternoon in the Tel Aviv Museum, David Ben-Gurion, chairman of the Provisional State Council, declares Israel’s independence. The United States is the first country to recognize the new and already besieged state of Israel.

Berl Katznelson

Labor Zionist Leader Berl Katznelson Dies

Berl Katznelson, a leader in the Labor Zionist movement, dies suddenly at the age of 57 in Jerusalem. His advocacy for the creation of a labor-based society in Israel would eventually form the basis of the Mapai party, which was created in 1930 and would dominate Israeli politics until the late 1970′s.

Today in Israeli History|August 12, 1944

Mapai Party Is Founded in Tel Aviv

David Ben-Gurion of Ahdut Ha’avodah and Joseph Sprinzak of Hapoel Hatzair recognize that their parties have more in common with each other than they have differences and begin moving towards a merger. The Mapai party is the result.

Today in Israeli History|January 5, 1930