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The Bank of Israel on Monday retained its benchmark interest rate at 1.25%, in line with expectations.
The central bank said that the decision to hold interest rates was influenced by the surprisingly low inflation in January and pointed out that the forecast for inflation over the next 12-month period falls within the target range, in part reflecting the effect of the recent appreciation of the shekel, the reduction in VAT and the cancellation of the water surcharge.
"This decision to keep interest rates unchanged is part of a gradual process of returning interest to a 'normal level'; the path of the interest rate will be determined in accordance with the inflation environment, the entrenchment of growth, both global and in Israel, the rate at which the major central banks increase their interest rates and in light of developments in the exchange rates of the shekel," the bank said.
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