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Bank of Israel keeps the Key interest rate for February unchanged at 1%

The decision is consistent with the Bank's monetary policy, which intends to entrench the inflation rate within the price stability target of 1–3 percent a year
02.02.14 / 10:32
Bank of Israel keeps the Key interest rate for February unchanged at 1%
02.02.14
Bank of Israel keeps the Key interest rate for February unchanged at 1%

The Bank of Israel said it would leave its key interest rate at 1% for February 2014, as expected and despite calls by export and industrial lobby groups for a cut in interest rates to weaken the shekel.

 

The decision to keep the interest rate for February 2014 unchanged at 1% is consistent with the Bank of Israel's monetary policy, which is intended to entrench the inflation rate within the price stability target of 1–3 percent a year over the next twelve months, and to support growth while maintaining financial stability.

 

The shekel has strengthened about 1% against the dollar since the end of December, and exporters have said this has hurt their business and the overall economy, which relies heavily on exports.

 

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