Israel's Fischer says rate cuts will be gradual

The governor of the Bank of Israel Stanley Fischer on Monday 11 December said he would reduce interest rates gradually because any "drastic" reduction would cause inflation to break the bank's target.

"Israel's economy is vulnerable to external shocks that may cause inflation to fluctuate sharply and quickly," Fischer said at the Globes Israel Business Conference, where he also repeated the central bank's recently raised forecast for GDP growth in 2006 amid signs the economy was recovering mor

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