Bank of Israel Keeps Interest Rate Steady

Date: October 9, 2023
Location: Jerusalem

All five members of the Bank of Israel's monetary policy committee voted on October 9 to keep the benchmark interest rate unchanged at 4.5%, as revealed in the minutes from their discussion held on Tuesday.

In light of the ongoing conflict, the monetary committee emphasizes its focus on stabilizing the markets and reducing uncertainty while also working towards price stability and supporting economic activity. The central bank made this statement during the release of the minutes.

Officials from the Bank of Israel have suggested that a decrease in rates is unlikely for the remainder of 2024. However, if inflation, currently at 3.5%, remains high, there may be a possibility of rate increases.

The next monetary policy decision is scheduled for November 25.