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The Bank of Israel on Monday raised its key interest rate by 0.25 percentage points to 0.75%. Economists expected the rate to stand at 0.5%.
The central bank said the interest rate hike "strikes a balance between the need to moderate inflation and the need to continue to support the recent recovery in economic activity, given that unemployment is expected to continue increasing in the next few months".
The bank said setting the interest rate at a low level of 0.75% continued to represent an expansionary monetary policy.
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