The Bank of Israel left the interest rate unchanged at 0.25%

Posted on Oct 8, 2019 by Ifi Reporter

The Bank of Israel today left the interest rate unchanged at 0.25%, paving the ground for further interest rate cuts, with Governor Yaron seeing the possibility of a 2020 interest rate cut to 0.1%. Meanwhile, the dollar jumps by about 0.5% against the shekel after the announcement of interest rates.
The research department's macro forecast has been revised down by 0.5% today, and according to Jonathan Katz of the Capital Markets, this level reflects a range of interest rates by the end of 2020 of 0.1% to 0.25% (up from 1.0% in the previous forecast).
The Bank of Israel expects a moderate growth of 3.0% in 2020 (updated from 3.5%) and inflation will be 0.6% this year and 1.2% in 2020 (from 1.6% each year).
The growth forecast for 2020 has been revised downward due to the moderation of global activity and the expectation of restraining fiscal policy in Israel. Private consumption (2%) and public consumption (1.5%) decreased by 1% (in each section) compared to the previous forecast.


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