Font Size: A A A
Go to:
×
Voyage Search
General Shipping Search
Please select a port in Israel
Please select a port overseas
Exports from Israel
Imports to Israel
Tools & Calculators
Currencies
Update date: 19.10.2019
Currency Rate % Change
USD 3.533 -0.338
EUR 3.9325 +0.145
GBP 4.5627 +0.671
100 JPY 3.2512 -0.239
Currency calculator
Calculators
length area vol. weight
cm
m
km
inch
foot
yard
mile
Clear
square cm
square m
square km
square inch
square yard
square mile
Clear
cc
litre
cubic m
cubic inch
cubic yard
gallon
Clear
kg
short ton
long ton
lb
oz
Clear
Volume Weight Calculator
Ports' Workplan

Bank of Israel lowers base lending rate for March 2014 by 0.25 percentage points

The decision to reduce the interest rate to 0.75 percent, is consistent with the Bank of Israel's monetary policy
02.03.14 / 10:06
Bank of Israel lowers base lending rate for March 2014 by 0.25 percentage points
02.03.14
Bank of Israel lowers base lending rate for March 2014 by 0.25 percentage points

The monetary committee of the Bank of Israel decided to reduce the interest rate by 0.25% to level of 0.75%. 

 

The decision to reduce the interest rate for March 2014 by 0.25 percentage points, to 0.75 percent, 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 main considerations underlying the decision were:

  • The CPI for the month of January surprised to the downside, and the inflation rate over the preceding 12 months is 1.4 percent—in the lower portion of the target range.

 

  • According to the initial estimate for the fourth quarter of 2013, GDP increased by 2.3% and business sector product increased by only 1.6%. The positive turnaround in export data is based mainly on pharmaceuticals exports which are generally volatile, and exports by labor-intensive industries are still in a virtual standstill. Various indicators of activity in January pointed to some recovery, but consumer confidence indices continued to signal pessimism, and data continued to indicate a lack of growth in employment and wages in the business sector.

 

  • In the past month, the shekel depreciated by 1% in terms of the nominal effective exchange rate; since the beginning of 2013, there has been a cumulative appreciation of 7.3%.

 

The Bank of Israel noted it will continue to monitor developments in the Israeli and global economies and in financial markets, particularly in light of the continuing uncertainty in the global economy.

 

The Bank will use the tools available to it to achieve its objectives of price stability, the encouragement of employment and growth, and support for the stability of the financial system, and in this regard will keep a close watch on developments in the asset markets, including the housing market.

 

 

×