–  Those who did not like the by-product of the change under which the Bank of Israel acquired greater independence in managing monetary policy: the tradition in Israel is that changes in the exchange rate can be made only with the agreement of the Ministry of Finance, while changes in the interest rate can be made solely on the basis of the Bank of Israel’s decision.
The person who immediately grasped that aspect of the change-although that was not the reason it was introduced-was the Minister of Finance, Yitzhak Modai, when the shift was made from a horizontal to a crawling exchange-rate band, in December 1991.