'Makam (the Hebrew acronym for short-term loans) are short term securities (up to one year) issued by the Bank of Israel to affect the monetary base and the rate of interest in the money market. The sale of Makam to the public reduces the monetary base, and thus serves to restrain activity and inflation. The purchase of Makam by the Bank of Israel or their redemption by the public injects money into the market, and thus encourages economic activity. This instrument is similar to the deposit auctions , but as the yield is determined by trade on the stock market, it reflects the public's expectations regarding inflation and changes in monetary policy, information which helps the Bank of Israel to plan its future steps.'
(http://www.boi.gov.il/abeng/1-5eng.htm)