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Financial News: Israel Holds Rates Steady For Sixth Month

Israel Holds Rates Steady For Sixth Month

08/28/2019 - 10:17:00 (RTTNews)

(RTTNews) - Israel's central bank left its key interest rate unchanged for a sixth straight month on Wednesday, and signaled that it will remain at the same level for an extended period of time, due mainly to the downward shift in inflation and the global economic slowdown.

The Monetary Committee decided to keep the interest rate unchanged at 0.25 percent, in line with economists' expectations.

The previous change in the rate was a 15 basis points hike in November last year.

"The Monetary Committee's assessment is that in view of the turnaround in the inflation environment in Israel and in the monetary policies of major central banks, the slowing in the global economy, and the continued appreciation of the shekel, the interest rate will not be increased for an extended period," the bank said. "Moreover, if necessary, the Committee will take additional steps toward making monetary policy even more accommodative in order to support a process at the end of which inflation will stabilize around the midpoint of the target range, and to support economic activity."

The minutes of the latest meeting will be published on September 11 and the next policy decision is scheduled for October 7.

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